Oil Price Today (May 28): Crude oil jumps over 2% despite optimism around Iran war peace deal. Here’s why

May 28, 2026

Oil prices surged approximately 2% as U.S. strikes on an Iranian military site escalated geopolitical tensions, despite ongoing talks. This rebound followed a significant drop due to expectations of a potential U.S.-Iran agreement. Analysts warn that even with a deal, normalizing shipping through the Strait of Hormuz could take months, impacting global oil markets.

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