Global crude oil prices fell on May 22, 2026, following diplomatic progress between the U.S. and Iran. U.S. Secretary of State Marco Rubio reported some good signs in negotiations, easing immediate supply fears. Both nations remain divided over Tehran's uranium stockpile and proposed shipping tolls.
West Texas Intermediate crude declined 0.65% following the comments. The U.S. benchmark hit $97.59 per barrel. Brent crude dropped to $104.35 per barrel.
Investors anticipate a resolution could reopen the Strait of Hormuz. Restrictions have blocked this vital energy chokepoint since March.