Oil Prices Set to Slump 19% in May as Market Bets on U.S.-Iran Deal

Early on Friday, oil prices were on track to plunge by 19% in May as traders and speculators bet on an extended ceasefire and an eventual U.S.-Iran deal despite the biggest physical supply disruption in history. Brent Crude prices were poised to drop by 19% in May by the end of the trade day on Friday, which would be the steepest monthly decline in prices since 2020. Early on Friday, Brent Crude front-month futures traded flat at $93.84 per barrel, while the U.S. benchmark, WTI Crude, was down by 0.12% at $88.94 a barrel. The slump in prices in…