National

US crude futures fall over 6% on report of possible Strait of Hormuz reopening

By Reuters Reuters
Vessels anchored at the Strait of Hormuz, as seen from Musandam, Oman, May 25, 2026. REUTERS/Stringer REFILE - CORRECTING INFORMATION FROM "VESSELS SAILING THROUGH THE STRAIT OF HORMUZ" TO "VESSELS ANCHORED AT THE STRAIT OF HORMUZ".
Vessels anchored at the Strait of Hormuz, as seen from Musandam, Oman, May 25, 2026. REUTERS/Stringer REFILE - CORRECTING INFORMATION FROM "VESSELS SAILING THROUGH THE STRAIT OF HORMUZ" TO "VESSELS ANCHORED AT THE STRAIT OF HORMUZ". Stringer Reuters

U.S. crude futures fell more than 6% in early Asian trade on Tuesday after Nikkei reported that the U.S. and Iran are discussing a plan to reopen the Strait of Hormuz about 30 days after the two countries reach a deal to end hostilities.

U.S. West Texas Intermediate at 2205 GMT was down $5.90 or 6.1% to $90.73 per barrel. The contract fell 6.5% in the previous session.

(Reporting by Pooja Menon in Bengaluru; Editing by Cynthia Osterman)

Copyright Reuters or USA Today Network via Reuters Connect.

This story was originally published May 25, 2026 at 7:05 PM.

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