Brent oil price posts biggest monthly loss in six years as market counts on a U.S.-Iran deal Brent crude saw its largest monthly loss in six years, falling over 19% in May, while U.S. West Texas Intermediate dropped nearly 17%. This decline is linked to optimism that the U.S. and Iran are nearing an agreement that could reopen the Strait of Hormuz. President Trump outlined demands for Iran, including commitments on nuclear weapons and the Strait of Hormuz, as U.S. officials hinted at a potential memorandum of understanding to extend a ceasefire and begin nuclear talks.

• Brent crude experienced its largest monthly loss in six years, down over 19% in May.
• U.S. West Texas Intermediate crude prices fell nearly 17% in May, its worst performance since April 2025.
• Oil prices dropped Friday amid expectations of a U.S.-Iran deal to reopen the Strait of Hormuz.
• President Trump outlined demands for Iran, including no nuclear weapons and unrestricted traffic in the Strait of Hormuz.
• U.S. officials reported a potential 60-day memorandum of understanding to extend a ceasefire and start talks on Iran’s nuclear program.