On May 23, 2026, Brent crude oil prices declined to $99.2 as reports indicated that the United States and Iran were nearing a 60-day ceasefire extension deal. This agreement could facilitate the reopening of the Strait of Hormuz, a vital passage for oil shipments, while the US may lift its naval blockade. A Financial Times report cited a diplomat stating, "The deal seems to be going in the right direction," suggesting Iran's willingness to negotiate on nuclear energy contingent on the ceasefire's success. Meanwhile, tensions remain high, with former President Trump facing pressure from advisors to consider military action against Iran, despite the potential for rising oil prices and further damage to his approval ratings. As the driving season approaches, gasoline prices are currently averaging $4.56. Investors are increasingly turning to Hyperliquid, a platform for perpetual futures trading, which reported substantial volumes of $383 million for WTI and $283 million for Brent in the past day, reflecting the market's volatility amid geopolitical uncertainties.