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Oil prices slip as markets await US-Iran ceasefire developments

May 29, 2026 / 5:23 PM
Oil prices slip as markets await US-Iran ceasefire developments
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Sharjah 24 – Reuters: Crude oil futures edged lower on Friday as energy markets closely monitored ongoing negotiations between the United States and Iran regarding a potential ceasefire extension. The anticipation of a diplomatic breakthrough introduced a wave of cautious optimism, putting slight downward pressure on both global benchmarks.

Brent crude futures for July delivery, which expired at the end of the session, shed 35 cents (or 0.37%) to settle at $93.36 a barrel. Meanwhile, the more heavily traded August Brent contract dropped 46 cents, or 0.50%, to finish at $92.24 a barrel. On the domestic side, West Texas Intermediate (WTI) US crude futures slid by 63 cents, or 0.71%, closing the day at $88.27 a barrel.

May 29, 2026 / 5:23 PM

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