Oil prices whipsaw on prospects of US-Iran deal

Published May 22, 2026 Updated May 22, 2026 07:19am

NEW YORK: Oil prices whipsawed in a volatile trading session on Thursday, trading lower on uncertain prospects for a resolution in the US-Israeli war with Iran.

Brent crude futures lost $2.80, or 2.7 per cent, to $102.22 a barrel at 1:57pm ET (1757 GMT). US West Texas Intermediate futures shed $2.45, or 2.5pc, to $95.81 a barrel. Earlier in the day, oil prices swelled by 3pc after Reuters reported that Iran’s supreme leader issued a directive that dented hopes for a swift resolution to the war.

The report about that directive, which cited two Iranian sources, signalled that Tehran is hardening its stance on a key US demand. The directive from Ayatollah Mojtaba Khamenei could further complicate negotiations and frustrate US efforts to broker an end to the war.

Published in Dawn, May 22nd, 2026