Oil closes lower amid hopes of a geopolitical breakthrough
19/05/2026
Argaam
Oil drilling rigs
Oil prices fell at the close of trading today, May 20, amid hopes of a geopolitical breakthrough after US President Donald Trump suspended a planned military strike against Iran to allow for negotiations aimed at ending the war.
Despite the decision to postpone the strike, Trump confirmed that the US was prepared to resume attacks if talks failed.
But US Vice President JD Vance later confirmed that the US and Iran had made significant progress in negotiations, and that neither side wanted to resume military operations.
|
Brent, WTI Futures Prices |
|||
|
Crude |
Price ($/bbl) |
Change ($) |
Change |
|
Brent (July delivery) |
111.28 |
(0.82) |
(0.73%) |
|
US WTI (June delivery) |
107.77 |
(0.89) |
(0.82%) |
*Settlement on May 19.
WTI crude futures contracts for June expired today
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