Brent Crude Set for Largest Weekly Drop in Two Months
ICE Brent crude futures are on track to fall nearly 10 percent this week. Market participants are pricing in a possible 60-day extension of the current ceasefire and a temporary navigation arrangement for the Strait of Hormuz.
citizen.co.zaBrent crude futures are positioned for their largest weekly decline in two months, with prices down almost 10 percent. Traders are responding to media reports that a 60-day ceasefire extension and a limited Hormuz navigation deal are nearing completion.
Current prices place Brent near $92 per barrel. com reported that this level appears more manageable for importers regardless of whether President Trump and Iran’s Supreme Leader Khamenei finalize the proposed terms.
Japan’s crude imports fell 66 percent from a year earlier to 850,000 barrels per day in April, according to data from the Ministry of Economy, Trade and Industry. The figure marks the lowest monthly volume since 1967 as Middle East deliveries declined.
Mozambique has questioned a $2 billion cost overrun estimate submitted by TotalEnergies for the Mozambique LNG project. Officials commissioned an independent audit that did not confirm the expenses tied to the five-year delay.
Key Facts
Story Timeline
3 events- May 29, 2026
Brent crude futures posted nearly 10 percent weekly loss amid ceasefire reports.
1 sourceOilPrice.com - April 2026
Japan’s crude imports fell 66 percent year-over-year to 850,000 barrels per day.
1 sourceOilPrice.com - May 2026
Mozambique government disputed $2 billion cost overrun claim for TotalEnergies LNG project.
1 sourceOilPrice.com
Potential Impact
- 01
TotalEnergies may face extended negotiations over Mozambique project costs.
- 02
Japanese refiners could seek alternative crude supply sources.
Transparency Panel
Related Stories
ibtimes.comSEC Chair Paul Atkins Says Congress Will Pass Crypto Legislation
SEC Chair Paul Atkins stated he is confident Congress will pass crypto market structure legislation. He added that President Trump will sign the bill into law.
asiaone.comIran Says Strait of Hormuz Management Belongs to Iran and Oman
Iran's Foreign Ministry spokesperson stated that control of the Strait of Hormuz must be decided solely by Iran and Oman. The spokesperson also said no agreement has been reached with the United States and that current focus remains on ending the war.
cnbc.comFed Official Highlights Regulatory Barriers to AI Productivity Gains
A Federal Reserve official stated that productivity growth remains key to economic expansion and that regulatory hurdles are the main obstacle to sustained gains from artificial intelligence.