Jauhn Etienne Villaruel

Motorists line up to buy fuel at a gas station in Mandaluyong City on March 22, 2022. Oil firms implemented price rollbacks today after price hikes the last 11 weeks. George Calvelo, ABS-CBN News

Article (news)

Agence France-Presse

<div><span class="fr-img-caption fr-fic fr-dib" style="width:960px;display:block" width="960"><span class="fr-img-wrap"><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/177966979777020220322-gas-station-rollback-GC-25.jpg" style="width:960px" class="fr-fic fr-dib" width="960"/><span class="fr-inner" style="text-align:left">Motorists line up to buy fuel at a gas station in Mandaluyong City on March 22, 2022. Oil firms implemented price rollbacks today after price hikes the last 11 weeks. <em>George Calvelo, ABS-CBN News/File</em><br/></span></span></span></div><p>TOKYO, Japan — Oil prices plunged more than five percent in Asian early trading on Monday as hopes of a US-Iran deal to end the Middle East war rose despite comments from President Donald Trump downplaying its imminence.</p><p>As of around 2300 GMT on Sunday, the price of North Sea Brent crude slipped 5.1 percent to $98.22 per barrel, while West Texas Intermediate fell 5.2 percent to $91.57 a barrel.</p><div><a href="https://www.abs-cbn.com/news/world/2026/5/24/iran-and-us-closing-in-on-deal-to-end-war-2005">Trump tempers expectations of a Middle East deal with Iran</a></div><p>Trump tempered expectations of an agreement to end the war, saying in a Sunday social media post that he had &quot;informed my representatives not to rush into a deal in that time is on our side.&quot;</p><p>The conflict erupted after the United States and Israel attacked Iran on February 28, and the Islamic republic responded with missile and drone attacks across the region.</p><p>The United States and Iran have observed a ceasefire since April 8 while mediators push for a negotiated settlement, although Tehran has imposed controls on Gulf shipping and Washington has blockaded Iran&#x27;s ports.</p><div><br/></div><div><strong>© Agence France-Presse<br/></strong></div><div><br/></div><div><br/></div><div><strong>RELATED VIDEO</strong></div><div><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/xx8m-Rt_tcA?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div>

<p>Oil prices plunged more than five percent in Asian early trading on Monday as hopes of a US-Iran deal to end the Middle East war rose despite comments from President Donald Trump downplaying its imminence.</p>

Oil prices plunged more than five percent in Asian early trading on Monday as hopes of a US-Iran deal to end the Middle East war rose despite comments from President Donald Trump downplaying its imminence.

Oil prices fall over 5 pct on hopes for Iran deal

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Oil prices fall over 5 pct on hopes for Iran deal

Agence France-Presse

Published May 25, 2026 08:45 AM PHT

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