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FinanceMay 29, 2026

US and Iran Reach Tentative 60-Day Ceasefire Extension as Hormuz Reopening Sends Oil Prices Lower

American and Iranian negotiators agreed in principle to a 60-day extension of the fragile ceasefire and to reopen the Strait of Hormuz, though President Trump has not yet signed the deal. The agreement would also create a framework for talks on Iran's nuclear program. Brent crude oil prices, which had climbed above 106 dollars a barrel during the conflict, fell sharply on news that the vital shipping lane could soon reopen.

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