Global oil prices plunged more than 5% as markets anticipated that the US and Iran might reach a deal to end their conflict, while most global stock markets rose, supported by technology shares.
On 28 May 2026 GMT+7, global oil prices sharply declined as investors closely monitored progress in US-Iran negotiations amid hopes that both sides might reach an agreement to ease tensions in the Middle East and reopen shipping routes through the Strait of Hormuz.
Oil prices fell over 5% due to expectations that progress in talks would reduce global energy supply risks. The Middle East war since late February has nearly halted oil and goods shipping through the Strait of Hormuz, causing energy prices to rise continuously in recent months.
At the same time, most global stock markets rose, with the three main US indices closing higher and hitting new records. Investors continued buying technology stocks amid confidence that growth in artificial intelligence (AI) technology will remain a key driver of tech sector earnings.
Economists warned that if energy prices remain volatile and inflation stays high, central banks in many countries may need to raise interest rates further, increasing borrowing costs and potentially pressuring global economic growth in the future.