New York Post

Oil plunges to $89 per barrel after Iran reports that peace deal would reopen Strait of Hormuz in 1 month

May 27, 2026Right

Oil prices plunged to $89 a barrel Wednesday following reports that the proposed Iran-US peace deal would see the Strait of Hormuz being reopened in just one month.

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The Treasury Department on Wednesday sanctioned an Iranian agency attempting to control the Strait of Hormuz. In a release, the department said the Persian Gulf Strait Authority (PGSA) — which the Iranian government formed earlier this month to manage the passageway — is a “new attempt by Iran’s Islamic Revolutionary Guard Corps (IRGC) to monetize…

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