Oil prices were up then down on Friday as investors remained worried whether the U.S. and Iran would ever reach a peace deal that would allow a free flow of tankers through the Strait of Hormuz, then on Monday, they plunged 7% as prospects for peace grew with Iran.
After settling at $103.54 a barrel on Friday, Brent crude, the global standard, finished down $7.24 or nearly 7% on Monday, settling at $96.30 a barrel.
West Texas Intermediate futures were down $6.30 or 6.5% a barrel at $90.88.
Otherwise, trading was light because of the U.S. Memorial Day holiday.
Word that the U.S. and Iran were moving closer to a peace deal that would reopen the Strait of Hormuz ignited optimism among traders. Reuters reported both sides claimed they had made progress on an understanding to stop the war and give negotiators 60 days to reach a final deal. President Trump said in a long Truth Social post on Monday that the talks were going “nicely,” however he also warned of fresh attacks if they failed.
He urged more Arab and Muslim states to sign up to the Abraham Accords, which were brokered during Trump’s first term in office and aim to normalize ties between Arab and other Muslim-majority states and Israel.
Iran’s foreign ministry said on Monday Iran was negotiating an end to the war and was not currently discussing nuclear issues.
U.S. stocks were not traded Monday however, Friday proved to be a strong trading day for Oklahoma energy stocks with a majority finishing in positive territory. Stardust Power had the biggest gain at more than 13%. Of the few companies with losses, Mammoth Energy Services fell 5%.
The following are the prices from Friday: