Trending Now - Oil Prices Dip Below $100 Amid Trump’s Iran Negotiation Updates
WHO:
Bloomberg Markets - Jarrod Agen, Executive Director of National Energy Dominance Council and President Trump's energy advisor, discussed gas prices.
CNBC - President Donald Trump stated that talks with Iran are in the final stages.
Bloomberg Markets - Paul Sankey, Founder of Sankey Research, discussed the outlook for gasoline prices.
WHAT:
CNBC - U.S. crude oil prices fell more than 5% to close at $98.26 per barrel for West Texas Intermediate futures and $105.02 per barrel for Brent futures.
CNBC - Citibank warned that the market is underpricing the risk of a long disruption to oil supplies in the Strait of Hormuz, stating, "It appears increasingly likely, in our view, that the Iranian regime will disrupt SoH flows for some time."
CNBC - Wood Mackenzie published an analysis predicting that oil prices could approach $200 per barrel if the Strait of Hormuz remains closed through the end of the year.
Bloomberg Markets - Jarrod Agen predicted that gas prices will drop quickly once the Strait of Hormuz reopens.
Investor's Business Daily - Pakistani army leader Asim Munir is expected to visit Iran on Thursday to announce the final draft of a deal.
CNBC - Citibank expects Brent crude oil prices to trade up to $120 per barrel in the near term.
CNBC - Wood Mackenzie stated that if the U.S. and Iran reach a quick peace deal that opens the Strait of Hormuz by June, spot Brent prices would ease to around $80 per barrel by the end of 2026.
Bloomberg Markets - Oil prices fell for a second day as traders weighed Trump's latest threat to resume strikes on Iran.
Investor's Business Daily - U.S. crude oil prices fell sharply to below $100 a barrel amid an Arab media report that the U.S. and Iran are close to a deal.
Investor's Business Daily - The S&P 500 rallied on the news, with travel stocks notably higher.
CNBC - U.S. crude oil prices fell below $100 per barrel, closing at $98.26 per barrel for West Texas Intermediate futures and $105.02 per barrel for Brent futures.
CNBC - Trump called off renewed military strikes against Iran to allow more time for diplomacy.
CNBC - Citibank warned that the market is underpricing the risk of a long disruption to oil supplies in the Strait of Hormuz.
CNBC - Wood Mackenzie published an analysis predicting oil prices could approach $200 per barrel if the Strait of Hormuz remains closed through the end of the year.
WHERE:
CNBC - The CHIOS crude oil tanker was anchored off the coast of Chevron's El Segundo Refinery in El Segundo, California.
CNBC - The Strait of Hormuz is one of the world's most important trade routes for oil and gas supplies.
WHEN:
CNBC - Wood Mackenzie stated that spot Brent prices could ease to around $80 per barrel by the end of 2026 if a peace deal is reached quickly.
Investor's Business Daily - Pakistani army leader Asim Munir is expected to visit Iran on Thursday to announce the final draft of a deal.
CNBC - Wood Mackenzie stated that spot Brent prices could ease to around $80 per barrel by the end of 2026 if a peace deal is reached quickly.
WHY:
Bloomberg Markets - Agen defended the administration’s aggressive “Drill Baby Drill” agenda as part of efforts for “energy dominance.”
CNBC - Trump indicated that the decision to call off military strikes was made at the request of Gulf Arab allies to facilitate diplomacy.
HOW:
CNBC - Trump communicated the status of negotiations with Iran to reporters, indicating the administration is in the "final stages" of talks.
(UPDATED May 21, 2026 19:44 UTC)
U.S. crude oil prices have dropped more than 5%, closing at $98.26 per barrel for West Texas Intermediate futures and $105.02 per barrel for Brent futures. Citibank has issued a warning that the market may be underestimating the risk of a prolonged disruption to oil supplies in the Strait of Hormuz, suggesting that the Iranian regime is likely to cause interruptions for some time. Meanwhile, Wood Mackenzie has projected that if the Strait of Hormuz remains closed through the end of the year, oil prices could soar to nearly $200 per barrel, although they could ease to around $80 per barrel by the end of 2026 if a peace deal is reached quickly.
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(UPDATED May 21, 2026 17:46 UTC)
Jarrod Agen, President Trump's energy advisor and Executive Director of the National Energy Dominance Council, shared insights on gas prices during a Bloomberg Markets discussion, predicting a swift decline once the Strait of Hormuz reopens. Meanwhile, Pakistani army leader Asim Munir is set to visit Iran on Thursday to unveil the final draft of a significant deal. Agen also defended the administration’s assertive “Drill Baby Drill” agenda as a key component of their strategy for achieving energy dominance.
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(UPDATED May 21, 2026 08:13 UTC)
Citibank is predicting that Brent crude oil prices could rise to $120 per barrel in the near term. Meanwhile, Wood Mackenzie has stated that if the U.S. and Iran can reach a quick peace deal that opens the Strait of Hormuz by June, spot Brent prices could drop to around $80 per barrel by the end of 2026. These developments highlight the potential volatility in the oil market based on geopolitical events.
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(UPDATED May 20, 2026 21:29 UTC)
Oil prices have dropped for a second consecutive day as traders react to Trump’s latest threat to resume strikes on Iran, with U.S. crude now falling sharply below $100 a barrel. This decline comes amid reports that the U.S. and Iran are nearing a deal, which has led to a rally in the S&P 500, particularly boosting travel stocks. In related news, Pakistani army leader Asim Munir is expected to visit Iran on Thursday to announce the final draft of this anticipated agreement.
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(UPDATED May 20, 2026 19:44 UTC)
President Trump announced that negotiations with Iran are in the final stages and called off renewed military strikes to allow for more diplomatic efforts, responding to requests from Gulf Arab allies. Meanwhile, U.S. crude oil prices have dropped below $100 per barrel, closing at $98.26 for West Texas Intermediate futures, while Citibank has warned that the market may be underestimating the risks of a prolonged disruption in oil supplies from the Strait of Hormuz. Wood Mackenzie has projected that if the Strait remains closed through the end of the year, oil prices could soar to nearly $200 per barrel, although they also suggest that prices might ease to around $80 per barrel by the end of 2026 if a peace deal is reached swiftly.