Insights

Weekly Market Commentary 29th May 2026

29 May 2026

This week, Washington and Tehran moved closer to a deal that would extend the ceasefire by 60 days and reopen the Strait of Hormuz, with Brent slipping to $91 a barrel by Friday morning. The terms remain pending Trump’s signature, but Chevron’s chief warned that inventory buffers are drawn down to the point where physical prices will rise into June and July regardless. Adnoc’s chief went further, saying full flows would not return before Q1 2027. The energy crisis has already landed on UK households, with Ofgem lifting the price cap by 13% from July.