Light sweet crude oil prices fell by more than 6%.

VTV.vn - World oil prices plummeted in morning trading on May 26th as investors hoped that negotiations between the US and Iran would pave the way for the restoration of traffic through the Strait of Hormuz, a vital energy shipping route for the world.

In Asian markets on the morning of May 26th, the price of US West Texas Intermediate (WTI) crude oil futures fell sharply by more than 6% following positive signals from the US-Iran negotiations. Specifically, WTI oil lost $5.90, or 6.1%, to $90.73 per barrel. Meanwhile, Brent crude oil futures fell to $96.30 per barrel. Trading volume was relatively low due to the US market being closed for a holiday on May 25th, according to VNA news agency.

The drop in oil prices occurred after the Nikkei newspaper reported that the US and Iran were discussing plans to reopen the Strait of Hormuz within 30 days of reaching an agreement to end hostilities.

Awaiting developments in US-Iran negotiations, WTI oil prices fell by more than 6%. Photo: TL

The negotiations between Iran and the US in Qatar are attracting worldwide attention. On May 25, a high-level Iranian delegation arrived in Qatar to negotiate with the US on a peace agreement and the release of frozen Iranian funds.

On the social media platform Truth Social, US President Donald Trump stated that the negotiation process was progressing well. However, the US President also issued a warning about new military actions if diplomatic efforts fail.

On the Iranian side, Foreign Ministry spokesman Esmaeil Baqaei said that the two sides had reached a consensus on most issues, but it was still too early to confirm that an agreement would be signed soon. He also emphasized that Iran would continue to manage maritime traffic through the Strait of Hormuz and collect service fees from ships passing through the area.

Source: https://money.vtv.vn/gia-dau-tho-ngot-nhe-giam-hon-6-109260526140922083.htm