2026.05.2609:10:16UTC+00Brent Crude Hovers at 5-Week Low

Brent crude oil futures hovered near $99 per barrel on Tuesday, close to a five-week low, as markets weighed optimism over ongoing US-Iran negotiations against reports of renewed military activity in southern Iran. According to officials, the US military struck missile launch sites and vessels suspected of preparing to lay naval mines, with US Central Command emphasizing that the operations were aimed at protecting American forces in the region. Meanwhile, President Donald Trump said talks with Tehran were making progress but cautioned that additional strikes could follow if the negotiations break down. Washington and Tehran are currently working on a framework for extending the ceasefire by roughly two months, under which the US would ease its blockade and Iran would reopen the Strait of Hormuz.