25/05/2026 Daily Reports
Oil prices fell sharply at the start of futures trading on Sunday after President Trump said the US and Iran were close to a framework agreement that could restart peace talks and reopen the Strait of Hormuz, a key route for global energy shipments. Brent crude dropped 4.6% to $98.8 per barrel, while US benchmark WTI crude fell 4.7% to $92 per barrel.
Trump said on Saturday that a deal involving the US, Iran, and several other countries was nearing completion, though final details were still being negotiated. However, on Sunday he signaled that Washington would not rush into an agreement, adding that time was “on our side.” Bloomberg also reported that US officials are not yet ready to finalize a deal.
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The commodities market is starting the week in deep red as geopolitical tensions show signs of easing. Here is the essential breakdown:
Brent Below $100: Oil markets faced a sharp sell-off in early Asian trading, with Brent crude tumbling around 5%. The primary catalyst? Weekend comments from US President Donald Trump suggesting substantial progress toward an agreement to end the conflict and reopen the strategic Strait of Hormuz.
- Reality Check: The initial hype is fading. Trump stated he is in “no rush” and that the deal isn’t fully finalized. Major friction points remain, particularly over Iran’s nuclear program.
Traders Shorting Oil: Institutional speculators cut their net long positions by over 10,500 lots, actively betting on a diplomatic breakthrough.
US Rigs Surge: The US oil rig count jumped by 10 to 425—the biggest weekly increase since February 2023. Higher prices are finally forcing US producers to boost supply.
