Crude Oil Prices Fall As Potential US-Iran Deal Could Reopen Strait Of Hormuz; Gold, Silver Gain

Hinzugefügt: 2026-05-28

[00:00:00]The result of all of these developments, oil prices have seen a sharp fall this morning. Both Brent and WTI are down over 5% as much as 5%. Manisha Gupta is here with all the updates from the commodity space. Manisha, good morning.

[00:00:11]And finally, Brent below $100.

[00:00:14]Well, yes. You know, after all the whole of May trading below at above $100, we're finally looking at some decline coming in for this one. But that seems very very short-lived, by the way, because we opened nearly 5% on the lower side at almost around 98, but we're trading above 99 at this point in time.

[00:00:30]That is because of the bit of a back and forth that is coming in from the statement from both US and Iran. As of now, we do understand that there's a potential deal. It's not signed yet.

[00:00:40]There's a 60-day of ceasefire that we are looking at. But we also have seen previous ceasefires and they haven't yielded much there. But the markets do believe that a formal agreement could soon happen, and is the reason we are sharply off the kind of highs that we saw during this war, which was almost $120 a barrel. Also supporting the markets is the dollar index, which is off its 6-week high. So there is some support coming in for because of that as well. The gold price has gained 1%, silver 3 and 1/2, platinum 2%, copper gained 2% in the overnight markets as well. So there is some gains coming back in case of metals as there is some confidence coming in on the fact that there could be a formal agreement soon, and the crude price is clearly clearly reacting to that.

[00:01:21]And they are indeed. Brent is still below $100, although yes, off the opening lows as Manisha was mentioning.

[00:01:28]So keep an eye out on all of these developments from West Asia. 99.27 is where currently the Brent prices are trading.