Oil prices dropped as potential ceasefire news emerged regarding the Strait of Hormuz, while the USDA updated global production and stock estimates for key agricultural commodities.
Key Takeaways
- 1.Oil prices declined on reports of a potential US-Iran ceasefire deal affecting Strait of Hormuz energy flows.
- 2.OPEC oil production declined in May 2026, primarily driven by Iran.
- 3.USDA adjusted estimates for wheat, corn, and soybean ending stocks, with US wheat production revised downwards.
Table of Contents
- Energy – Peace deal hopes re-emerge
- Agriculture -- USDA lowers US wheat ending stock estimates
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Authors
Warren PattersonEwa Manthey
Securities
Brent CrudeHenry Hub Natural Gas
Themes
Geopolitical risk in energy markets
Regions
Middle EastUnited StatesIranSaudi Arabia