Oil drops 20% from 2026 peak on optimism over U.S.-Iran ceasefire talks

Global oil prices have tumbled by around 20% from 2026 highs as investors have grown increasingly optimistic on prospects for a long-lasting ceasefire deal between the U.S. and Iran, which would unlock shipping through the Strait of Hormuz.

Opens the original publisher in a new tab. Full articles belong to their publishers; a subscription may be required.