Brent oil posted its biggest monthly loss in six years as traders hoped that the U.S. and Iran were nearing a deal that would reopen the Strait of Hormuz. The international oil benchmark fell more than 19 per cent in May, its worst month since March 2020 when the Covid-19 pandemic closed economies. U.S. West Texas Intermediate crude prices shed nearly 17 per cent in May, their worst performance since April 2025.

 

Prices fell on Friday after President Trump said he would meet in the White House Situation Room to make a final determination about an agreement with Iran. West Texas Intermediate lost 1.73 per cent to close at 87.36 dollars per barrel, while Brent fell 1.77 per cent to settle at 92.05 dollars per barrel.