{"id":437,"date":"2026-05-29T15:41:01","date_gmt":"2026-05-29T15:41:01","guid":{"rendered":"https:\/\/trustedmovinggroups.com\/?p=437"},"modified":"2026-05-29T15:41:01","modified_gmt":"2026-05-29T15:41:01","slug":"oil-is-set-for-its-biggest-one-month-drop-in-6-years-bringing-consumers-some-relief","status":"publish","type":"post","link":"https:\/\/trustedmovinggroups.com\/?p=437","title":{"rendered":"Oil is set for its biggest one-month drop in 6 years, bringing consumers some relief"},"content":{"rendered":"
\n

As May\u2019s final day of oil trading is underway, the price of crude is set for its biggest one-month decline in six years, delivering some relief to consumers at the pump and some optimism to investors hoping for an end to sky-high energy prices.<\/p>\n

Read more Haley Stevens\u2019 campaign clarifies filibuster stance after Michigan Democratic debate<\/a><\/p>\n

As measured by the global Brent oil benchmark, prices are on track for a more than 20% decline in May, the biggest monthly drop since 2020. <\/p>\n

<\/div>\n

U.S. crude oil has also recorded a steep 19% drop in May, which would be its largest monthly decline since late 2021. <\/p>\n

Relief for consumers<\/h2>\n

These moves are already showing up in the form of lower gas prices across the United States. As of Friday morning, the average price of unleaded gas had fallen 17 cents per gallon from this year\u2019s peak of $4.56, according to AAA data. <\/p>\n

But at $4.39 per gallon, Americans are still paying an average price that has soared 47% since the war began.<\/p>\n

High gas prices sent U.S. drivers in search of discount fuel at big-box membership chains like Costco.<\/p>\n

<\/div>\n

The retailer said Thursday that it saw \u201crecord-breaking volumes\u201d for gasoline sales last quarter, with the five weeks leading up to May 10 registering as Costco\u2019s \u201ctop five volume weeks ever\u201d for gasoline sales. CEO Ron Vachris said many Costco members had used the company\u2019s gas stations \u201cfor the very first time.\u201d <\/p>\n

A hard sell from the White House<\/h2>\n

The sharp drop in global oil prices as prompted mainly by messaging from Washington, where President Donald Trump and top administration officials have relentlessly suggested that Iran and the U.S. are in the final stages of talks to end the fighting and return energy shipping to a pre-war status quo.<\/p>\n

In May alone, Trump claimed in at least six social media posts that progress had been made towards a peace deal. In public events, he frequently stresses that Iran \u201cwants to make a deal,\u201d and paints himself as the holdout.<\/p>\n

In the three months since the U.S. and Israel launched attacks on Iran, Trump has said more than 20 times, online and in person, that either the war had been won, that Iran had been defeated or that a final deal was near, according to an NBC News analysis of his comments.<\/p>\n

On Thursday, two U.S. officials told NBC News that Trump was reviewing the latest version of a potential agreement with Iran but had not yet signed off on it.<\/p>\n

Again on Friday, Trump invoked the possibility of a deal, writing on Truth Social that he was about to make a \u201cfinal determination\u201d about it. Oil prices fell further in response to his post.<\/p>\n

<\/div>\n

But even as a deal remains elusive, Trump\u2019s comments left investors grasping at any shred of optimism.<\/p>\n

U.S. stocks are surging this year, driven primarily by euphoria in the shares of AI tech giants and corporate earnings, but also due to the administration\u2019s signals that they view the war to be near its end. <\/p>\n

Analysts at ING warn that the market may be getting ahead of itself, however.<\/p>\n

\u201cThe question now is whether the Strait of Hormuz will reopen soon or the extended ceasefire will only lead to another prolonged stalemate,\u201d said ING market strategist Francesco Pesole on Friday. <\/p>\n

Reality on the ground<\/h2>\n

In February, before the war started, more than 20% of the world\u2019s energy supply transited through the strait off Iran\u2019s southern coast to reach global markets. <\/p>\n

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But in the months since, vessel traffic has been almost nonexistent \u2014 the bottleneck being the primary reason for the sharp rise in global energy prices.<\/p>\n

<\/div>\n

Who will control the crucial waterway and what, if anything, Iran would demand from shippers in exchange for safe passage are still massive, unanswered questions. <\/p>\n

Chevron CEO Mike Wirth said Friday that the company would not consider paying a toll or fee to Iran or any other authority to get its ships out of the strait, something that Iran has proposed but which the U.S. says is a deal-breaker.<\/p>\n

Even once the war is over, \u201cit\u2019s going to take months … to make sure that the mines have been cleared, to get 2,000 ships out\u201d of the strait, Wirth said on Bloomberg Television. \u201cThey don\u2019t all go out at once, you need weeks and weeks.\u201d <\/p>\n

Just this week, there were new attacks on ships, \u201cso we see risks very real, still, in that environment,\u201d he added. <\/p>\n

Without guaranteed safe passage, transiting the strait is still too dangerous for commercial shipping interests \u2014 and their insurance companies \u2014 to go ahead with.<\/p>\n

The next spike in oil prices<\/h2>\n

This week, energy industry leaders warned that the oil market is on the verge of higher prices again. <\/p>\n

<\/div>\n

\u201cCommercial inventories of crude oil, of liquids-linked petroleum, gasoline, diesel, jet fuel, they\u2019ve all run down,\u201d to backfill the millions of barrels per day that can\u2019t be shipped through the Strait of Hormuz currently, Exxon Mobil SVP Neil Chapman said on Thursday. \u201cWe\u2019re approaching unheard of inventory levels.\u201d <\/p>\n

\u201cOnce you get to that point, then you\u2019ll see price shoot up,\u201d Chapman said at Bernstein\u2019s Strategic Decisions Conference in New York City. He predicted that this would happen in the coming weeks, and that some oil prices could shoot up above $150 per barrel, from around $100 currently.<\/p>\n

If crude spikes to $150, the price of a gallon of gas \u201cwill be $9 in California, and that will be a serious issue,\u201d he added. <\/p>\n

A spike of this size would also impact prices far beyond gas, said Chapman, because \u201ccrude oil goes into virtually everything around us.\u201d<\/p>\n

Chevron\u2019s Wirth issued the same warning on Friday.<\/p>\n

\u201cWe are steadily drawing inventories down on products, on crude in locations around the world,\u201d Wirth told Bloomberg. \u201cWe really are seeing markets tighten.\u201d<\/p>\n

<\/div>\n

\u201cI think June and July are going to be critical months, and you can see the trajectory of these inventories in the data, and it\u2019s concerning,\u201d he added.<\/p>\n

Asked to predict where he saw oil prices going next, Wirth replied, \u201cIf we were to see an extended constraint on transit out of the Strait of Hormuz, the question is \u2018How high is high?\u2019\u201d<\/p>\n

Read more Judge halts Trump \u2018anti-weaponization\u2019 fund after Jan. 6 prosecutor files suit<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

As May\u2019s final day of oil trading is underway, the price of crude is set for its biggest one-month decline in six years, delivering some relief to consumers.<\/p>\n","protected":false},"author":1,"featured_media":436,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[40],"tags":[],"class_list":["post-437","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy"],"yoast_head":"\nOil is set for its biggest one-month drop in 6 years, bringing consumers some relief - Trusted Moving Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trustedmovinggroups.com\/?p=437\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil is set for its biggest one-month drop in 6 years, bringing consumers some relief - 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