Oil Price Today (May 29): Crude oil falls as peace deal hopes offset constant tensions. What are experts saying?

May 29, 2026

Oil prices saw a slight dip on Friday. Hopes for a U.S. and Iran ceasefire extension are influencing the market. U.S. Vice President JD Vance indicated progress but noted unresolved issues. Geopolitical tensions remain high. Analysts suggest a prolonged Strait of Hormuz closure could impact global oil markets significantly.

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