Brent Crude Oil Prices

Brent crude oil prices averaged USD 103.84 per barrel in May, up 1.0% from April. On 29 May, the commodity traded at USD 92.03 per barrel, down 19.4% from 30 April.

Brent prices rose over 40% in March, the sharpest increase since August 1990, and increased further in April and May, but much more weakly as the U.S.-Iran ceasefire kicked in. With the Strait of Hormuz still closed and the ceasefire coming under strain, in May, Brent prices peaked at over USD 110 per barrel as analysts warned about a “race against time” as global commercial oil inventories fall at the fastest pace in history. That said, prices then eased as the U.S. and Iran moved closer to a peace deal.