Oil prices are on track for their biggest monthly fall since 2020, as hopes rise that a deal between the US and Iran will lead to the reopening of the crucial Strait of Hormuz.
The price of the international oil benchmark Brent crude has fallen almost 20 per cent in May, declining steadily over the past two weeks as signs have emerged that the two sides could be close to a deal.
Brent was trading 2 per cent lower on Friday at $91.85 a barrel, a day after US officials said Washington was nearing a deal to extend the ceasefire with Iran and reopen the strait.
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