New York Post
29 May 2026, 20:43 UTC · 1h ago
Source · https://nypost.com/2026/05/29/business/gas-prices-sink-as-oil-set-for-20-drop-largest-1-month-decline-since-2020/
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US and Iranian negotiators have reached a potential agreement to reopen the Strait of Hormuz. — Reopening a route for 20% of the world's oil significantly reduces geopolitical risk and downward pressure on energy prices.
+0.80Global oil benchmarks are on track for a nearly 20% monthly decline in May 2026. — A sharp drop in energy costs reduces input costs for corporations and eases inflationary pressure on consumers.
+0.60ExxonMobil and Chevron executives warn that critically low global inventories could push oil toward $150 per barrel if the deal fails or delays occur. — Highlights a significant tail risk of a severe price spike that would negatively impact global economic growth.
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Chevron CEO Mike Wirth stated that clearing mines and ships from the strait will take several weeks, delaying full normalization. — Suggests a lag between a political agreement and actual supply recovery, creating potential short-term volatility.
US commercial inventories remain strong, though the Strategic Petroleum Reserve has seen a disproportionate draw-down of 40 million barrels. — Strong commercial stocks provide a temporary buffer against supply shocks, though the SPR decline limits future government intervention options.
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The company faces immediate headwinds from falling oil prices and CEO comments on the complexity of normalizing supplies.
The company faces immediate headwinds from falling oil prices, despite executive warnings about future inventory shortages.
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