US Crude Futures Fall Over 6% on Possible Strait of Hormuz Reopening

Singapore, 26 May 2026 – US crude futures fell sharply in early Asian trade after reports that Washington and Tehran were discussing a plan that could reopen the Strait of Hormuz roughly 30 days after any agreement to end hostilities, easing fears over one of the world’s most important energy chokepoints.

West Texas Intermediate crude was down US$5.90, or 6.1%, to US$90.73 per barrel at 2205 GMT, after already falling 6.5% in the previous session. The move reflected a rapid repricing of geopolitical risk as traders responded to the possibility that disrupted energy flows through the Gulf could gradually normalise.