Brent crude rebounded 2.4% after a 19.3% May drop, its steepest since March 2020, amid shifting US-Iran ceasefire negotiations.
Brent crude rose 2.4% early Monday as traders weighed progress in US-Iran ceasefire talks, following a volatile week. The benchmark fell 19.3% in May, its largest monthly decline since March 2020, driven by hopes of a deal easing supply concerns.
Last week alone, Brent dropped 11.1% to $92.05 per barrel, capping a 1.77% decline on Friday. Markets reacted to reports of a potential 60-day ceasefire extension, though President Trump’s stance remains uncertain.
The S&P 500 hit record highs in May as stagflation fears eased, but oil’s trajectory hinges on whether negotiations yield a lasting agreement.