{"id":35758,"date":"2026-05-29T08:06:00","date_gmt":"2026-05-29T06:06:00","guid":{"rendered":"https:\/\/www.channelafrica.co.za\/channelafrica\/?post_type=news&#038;p=35758"},"modified":"2026-05-29T08:06:00","modified_gmt":"2026-05-29T06:06:00","slug":"oil-eyes-weekly-drop-on-hormuz-deal-hopes","status":"publish","type":"news","link":"https:\/\/www.channelafrica.co.za\/channelafrica\/news\/oil-eyes-weekly-drop-on-hormuz-deal-hopes\/","title":{"rendered":"Oil eyes weekly drop on Hormuz deal hopes"},"content":{"rendered":"<div>World stocks rose to record highs on Friday and oil futures eyed their steepest weekly drop in nearly two months as traders \u200bwaited for details on a potential deal to reopen the Strait of Hormuz and extend the United States (US) and Iran ceasefire.<\/div>\n<div><\/div>\n<div>Sources told\u00a0Reuters\u00a0\u200cthat the US and Iran have reached an agreement to extend their ceasefire and lift restrictions on shipping, though US President Donald Trump has yet to approve it and Iranian state media said it had not been finalised.<\/div>\n<div><\/div>\n<div>Moves in the Asia session was modest, with Standard &amp; Poor&#8217;s 500 futures steady after the index notched another record closing high overnight. \u200b<\/div>\n<div><\/div>\n<div>Brent crude futures fell about $1 a barrel to $92.69 for a weekly drop of more than 10%.<\/div>\n<div><\/div>\n<div>The Dollar headed for a small fall on \u200bthe week, tracking a retreat in US yields. Analysts aren&#8217;t sure, however, whether that fall in yields can extend, \u2060since a US and Iran deal is unlikely to quickly unwind the inflation impulse unleashed by high fuel prices.<\/div>\n<div><\/div>\n<div>&#8220;The market&#8217;s already taking the view that a \u200bdeal&#8217;s going to be done and the Strait is going to be open,&#8221; said Jason Wong, Senior Market Strategist added.<\/div>\n<div><\/div>\n<div>&#8211;Reuters&#8211;<\/div>\n","protected":false},"featured_media":20970,"template":"","meta":{"_acf_changed":false,"_links_to":"","_links_to_target":""},"news-type":[44],"class_list":["post-35758","news","type-news","status-publish","has-post-thumbnail","hentry","news-type-finance","entry"],"acf":{"short_description":"","published_date":"","news_description":"Oil futures eyed their steepest weekly drop in nearly two months","form_embed":"","author":"","image_caption":""},"_links":{"self":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/35758","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news"}],"about":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/types\/news"}],"version-history":[{"count":1,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/35758\/revisions"}],"predecessor-version":[{"id":35759,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/35758\/revisions\/35759"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/media\/20970"}],"wp:attachment":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/media?parent=35758"}],"wp:term":[{"taxonomy":"news-type","embeddable":true,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news-type?post=35758"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}