Oil drops 20% from 2026 peak on optimism over U.S.-Iran ceasefire talks

Global oil prices have tumbled by around 20% from 2026 highs as investors have grown increasingly optimistic on prospects for a long-lasting ceasefire deal between the U.S. and Iran , which would unlock shipping through the Strait of Hormuz . Brent crude was down 1.2% on the final trading day of the month, at $92.56, as of 11:18 a.m. in London (6:35 a.m. ET.). …