Brent crude trades above $92 a barrel, while the West Texas Intermediate or the US crude variant, is back near the mark of $90 a barrel. The WTI was down 17% in the month of May, marking its biggest monthly drop since April 2025.
The US and Iran continue to trade messages but an outcome still remains elusive. Iran’s foreign minister Abbas Araghchi told the semi-official Tasnim News Agency that everything being said right now is speculation and nothing is final till a proper agreement is reached.
The Tasnim News Agency also quoted IRGC officials who confirmed the exchange of messages but also warned that both parties might ultimately reject the deal and the talks may collapse.
According to Bloomberg data, 29 out of the 109 big vessels, capable of hauling over 7,00,000 barrels or more, which were stranded at or near the Strait of Hormuz when the Iran war began and the route was effectively shut, have managed to cross the chokepoint. Iran-linked ships are not part of this calculation.
Chevron CEO Mike Wirth said that they currently have six vessels in the Gulf that are under charter and it will eventually be the ship-owner’s decision to pass through the region or not. TotalEnergies has eight tankers stuck and once it manages to get them out, it will wait to see if peace is sustainable before sending them back, according to the company’s CEO Patrick Pouyanne.
