Oil drops 20% from 2026 peak on optimism over U.S.-Iran ceasefire talks

May 29, 2026

Global oil prices have tumbled by around 20% from 2026 highs as investors have grown increasingly optimistic on prospects for a long-lasting ceasefire deal between the U.S. and Iran, which would unlock shipping through the Strait of Hormuz.

Sign Up. Be Informed.

First Name*
Last Name*
Email Address*
Address*
ZIP Code
Phone Number
What tea publication would you like to subscribe to*
- Select All
- Afternoon TEA (blog sent every other Monday)
- TEA Takes (opinion column sent every Wednesday)
- Common Sense Energy (newsletter sent every Friday)
This field is hidden when viewing the form
Subscribe
- Subscribe to our weekly energy newsletter
CAPTCHA

Paid for by The Empowerment Alliance