By: Bruno Santos, Market Intelligence Analyst
Yesterday (23rd), the most actively traded Brent contract closed with a 10.9% drop, priced at USD 99.9/bbl. WTI futures followed a similar trajectory, ending the day at USD 88.1/bbl, down 10.3%.
Throughout the session, oil futures plummeted by more than USD 10/bbl, weighed down by statements from U.S. President Donald Trump regarding a potential temporary suspension of hostilities between the U.S. and Iran, which exerted significant bearish pressure on the commodity's prices.
This morning (24th), the May 2026 Brent contract is trading higher, up 2.4%, priced at USD 102.3/bbl as of 09:10 AM. Prices are undergoing a corrective movement after the sharp declines of the previous session, supported by renewed Iranian attacks on Israel, which have bolstered oil prices.
In the early hours of today, new Iranian attacks were reported against countries in the Persian Gulf, shortly after Donald Trump announced a temporary five-day suspension of hostilities between the two nations in the region.
Why this matters: The continuation of Iranian attacks on Gulf countries indicates that Tehran has not, in fact, reached an agreement with Washington, heightening fears of the conflict spilling over into other Middle Eastern nations.
Overview: The Iranian government confirmed new attacks on central Tel Aviv this morning, in retaliation for Israeli offensives targeting Iranian energy assets. These attacks on Iranian territory come just one day after Trump announced the resumption of diplomatic negotiations between Tehran and Washington.
What to expect: Iran's recent attacks signal the continuation of a strategy aimed at impacting the global economy, not only through disruptions in oil supplies but also across other critical energy and agricultural commodities.
The StoneX Group Inc. group of companies provides financial services worldwide through its subsidiaries, including physical commodities, securities, exchange-traded and over-the-counter derivatives, risk management, global payments and foreign exchange products in accordance with applicable law in the jurisdictions where services are provided. References to over-the-counter (“OTC”) products or swaps are made on behalf of StoneX Markets LLC (“SXM”), a member of the National Futures Association (“NFA”) and provisionally registered with the U.S. Commodity Futures Trading Commission (“CFTC”) as a swap dealer. SXM’s products are designed only for individuals or firms who qualify under CFTC rules as an ‘Eligible Contract Participant’ (“ECP”) and who have been accepted as customers of SXM. StoneX Financial Inc. (“SFI”) is a member of FINRA/NFA/SIPC and registered with the MSRB. SFI is registered with the U.S. Securities and Exchange Commission (“SEC”) as a Broker-Dealer and with the CFTC as a Futures Commission Merchant and Commodity Trading Adviser. References to securities trading are made on behalf of the BD Division of SFI and are intended only for an audience of institutional clients as defined by FINRA Rule 4512(c). References to exchange-traded futures and options are made on behalf of the FCM Division of SFI . StoneX is a trading name of StoneX Financial Ltd (“SFL”). SFL is registered in England and Wales, Company No. 5616586. SFL is authorized and regulated by the Financial Conduct Authority [FRN 446717] to provide to professional and eligible customers including: arrangement, execution and, where required, clearing derivative transactions in exchange traded futures and options. SFL is also authorised to engage in the arrangement and execution of transactions in certain OTC products, certain securities trading, precious metals trading and payment services to eligible customers. SFL is authorised & regulated by the Financial Conduct Authority under the Payment Services Regulations 2017 for the provision of payment services. SFL is a category 1 ring-dealing member of the London Metal Exchange. In addition SFL also engages in other physically delivered commodities business and other general business activities which are unregulated and not required to be authorised by the Financial Conduct Authority. StoneX Group Inc. acts as agent for SFL in New York with respect to its payments services business. StoneX APAC Pte. Ltd. acts as agent for SFL in Singapore with respect to its payments services business. ‘StoneX’ is the trade name used by StoneX Group Inc. and all its associated entities and subsidiaries.
Trading swaps and over-the-counter derivatives, exchange-traded derivatives and options and securities involves substantial risk and is not suitable for all investors. Past performance of any futures or option is not indicative of future success. Indicators are not a trading system and are not published as a specific trade recommendation. The information herein is not a recommendation to trade nor investment research or an offer to buy or sell any derivative or security. It does not take into account your particular investment objectives, financial situation or needs and does not create a binding obligation on any of the StoneX group of companies to enter into any transaction with you. You are advised to perform an independent investigation of any transaction to determine whether any transaction is suitable for you. No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior written consent of StoneX Group Inc.
© 2026 StoneX Group Inc. All Rights Reserved.
Our subscribers have access to comprehensive market analysis from StoneX spanning commodities, equities, currencies and more.
WTI crude oil has fallen more than 7% in a week as markets price in a Strait of Hormuz reopening that physical supply chains have not yet confirmed. The gap between geopolitical optimism and the gradual reality of supply normalization is now shaping a critical technical test at the $74 price zone.
June 16 – Stock futures traded quietly mixed overnight as investors focus on this week’s meeting of the Federal Open Market Committee – the first to be chaired by Kevin Warsh – and as traders monitor the anticipated move toward peace in the Middle East. The VIX is again trading near 16 this morning, while the dollar index trades near 99.6. Yields on 10-year Treasuries are trading near 4.45%, while yields on 2-year Treasuries are trading near 4.06%. Energy prices continued their slide on the move toward an anticipated reopening of the Strait of Hormuz, with WTI crude oil trading below $78 this morning, while Brent trades near $80 per barrel. The grain and oilseed sector was generally weaker as well, with the exception of a bounce in Chicago wheat prices due to adverse weather impacting production in Europe.
A US-Iran ceasefire has sent crude oil prices to a three-month low, stripping out the risk premium that had accumulated during the conflict. Expanded pipeline capacity and rising non-OPEC production mean markets may tip into oversupply well before Strait of Hormuz flows return to pre-war levels.
Our market expertise, advanced platforms, global reach, culture of full transparency and commitment to our clients’ success all set us apart in the financial marketplace.
Reach
With access to 40+ derivatives exchanges, 180+ foreign exchange markets, nearly every global securities marketplace and numerous bi-lateral liquidity venues, StoneX’s digital network and deep relationships can take clients anywhere they want to go.
Transparency
As a publicly traded company meeting the highest standards of regulatory compliance in the markets we serve; our financials and record of accomplishment are matters of public record. StoneX’s commitment to “doing the right thing over the easy thing” sets us apart in the industry and helps us build respect, client trust and new partnerships.
Expertise
From our proprietary Market Intelligence platform, to “boots on the ground” expertise from award-winning traders and professionals, we connect our clients directly to actionable insights they can use to make more informed decisions and achieve their goals in the global markets.
