WTI Slides Below $89 as Trump Refuses Iran Sanctions Relief

WTI crude fell below $89 a barrel on May 29, a six-week low, after President Trump signaled no sanctions relief for Iran. The move reversed gains from U.S. strikes near the Strait of Hormuz that had lifted prices above $90 on May 27. Earlier, optimism over a possible peace deal reopening the strait drove WTI to an intraday low of $88.75 on May 25. Markets have swung sharply on conflicting diplomatic and military signals, with roughly 20% of global oil flows still at risk. Brent traded near $96 amid warnings that any prolonged disruption could extend into 2027.