Oil Prices Fall 4.7 Percent on Hopes of US–Iran Deal

An agreement between the two nations has been ‘largely negotiated,’ President Donald Trump said.

The sun rises behind tankers anchored in the Strait of Hormuz off the coast of Qeshm Island, Iran, on April 18, 2026. Asghar Besharati/AP Photo

Crude oil prices declined on Monday amid indications that a deal to end the ongoing war between the United States and Iran could be near.

Brent crude oil futures prices ended May 22 at $100.21 per barrel. On Monday, oil was trading at $95.44 as of 9:45 p.m. EDT, a decline of more than 4.7 percent. Prices had hit a peak of around $126 per barrel on April 30.