Oil prices plummeted on Wednesday after the U.S. and Iran agreed to a two-week ceasefire to ensure stability in the region's critical energy corridor.
Brent crude futures for June delivery plunged 13.4 percent to $94.56 a barrel on hopes that oil and gas flows through the Strait of Hormuz could soon resume. WTI crude futures for May delivery were down nearly 16 percent at $95.15.
U.S. President Donald Trump touted the breakthrough as a major victory for international diplomacy, asserting that Iran has signaled a readiness for lasting stability after a volatile and prolonged standoff.
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May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.