Oil Prices Drop 19% in May on U.S.-Iran Deal Speculation

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Published: 32 minutes ago

Oil prices fell 19% in May, marking the steepest monthly decline since 2020. Brent crude traded at $93.84 while WTI crude dropped to $88.94 as traders bet on extended ceasefire and potential U.S.-Iran nuclear deal despite supply disruptions. The oil price collapse impacts commodity-linked currencies, particularly the Canadian dollar and Norwegian krone. Energy exporters face reduced revenues while oil importers benefit from lower costs, creating significant trading opportunities in related currency pairs.

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