# Oil Prices Fall on US-Iran Deal Report

**Published:** 2026-05-28T14:45:46.000Z  
**Topic:** Oil  
**Sentiment:** neutral  
**Publisher:** TrendWatcher — https://www.trendwatcher.in/article/ef63996a-008a-467a-9ddd-691928325314

Oil prices dropped after a report claimed the US and Iran reached a deal on a ceasefire extension, pending President Trump's approval.

Global oil prices declined following a report that the United States and Iran have reached a tentative agreement to extend a ceasefire and begin nuclear discussions [1, 3]. The reported breakthrough, which requires final approval from President Donald Trump, briefly drove the price of Brent crude down to $93.36 per barrel before a slight rebound [1, 3].

**Key takeaways**
*   Brent crude fell to a low of $93.36 following a report of a US-Iran agreement [1, 3].
*   The reported deal includes a 60-day ceasefire extension and the start of talks on Tehran's nuclear program [1, 3].
*   A three-month-long war has effectively closed the Strait of Hormuz, a route for about 20% of the world's oil and liquefied natural gas supplies [1, 3].
*   Earlier in the week, prices slumped after Trump said he delayed a planned military strike at the request of Gulf leaders [2].

## Ceasefire negotiations and military strikes

According to US media outlet Axios, officials from the US and Iran agreed to a 60-day ceasefire extension and the start of negotiations regarding Iran's nuclear program [1, 3]. The report stated that President Trump has requested a few days to review the agreement before granting final approval [1, 3]. This development comes despite ongoing military hostilities; the US recently carried out attacks on a military site in Bandar Abbas, a strategic port city, marking the second time in three days that US forces have targeted Iranian locations [1

## Sources
1. BBC — [Oil prices fall after report of breakthrough in US-Iran talks](https://www.bbc.co.uk/news/articles/cp3p62xddq4o)
2. BBC — [Oil price slumps as Trump says he called off Iran attacks](https://www.bbc.com/news/articles/czx2ne2ryppo)
3. Biznob — [Oil prices fall after report of breakthrough in US-Iran talks – THE...](https://www.biznob.com/oil-prices-fall-after-report-of-breakthrough-in-us-iran-talks/)
4. Theguardian — [Oil price rises to $97 a barrel as ‘Iran stops... | The Guardian](https://www.theguardian.com/business/live/2026/jun/01/uk-house-prices-fall-middle-east-interest-rates-manufacturing-softbank-ai-boom-chipmakers-live-updates)

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Cite as: TrendWatcher, "Oil Prices Fall on US-Iran Deal Report", https://www.trendwatcher.in/article/ef63996a-008a-467a-9ddd-691928325314