Oil prices fall after media report about a deal between US and Iran

NEW YORK - Oil prices reversed course to trade lower on Thursday after Axios reported that the U.S. and Iran have reached an agreement for a 60-day ceasefire extension and the start of talks on Iran's nuclear program.

Brent crude futures fell 22 cents, or 0.2%, to $94.07 a barrel as of 10:20 a.m. ET (1420 GMT). U.S. West Texas Intermediate futures were unchanged at $88.68.

Both benchmarks had been up more than 2% earlier in the session after Iran's Revolutionary Guards said they had targeted a U.S. airbase in response to a U.S. attack in the port city of Bandar Abbas.

The agreement between the U.S. and Iran still needs final approval from President Donald Trump, who has told mediators that he wants a few days to make the final decision, Axios reported citing U.S. officials and a source involved in the mediation.

(Reporting by Shariq Khan and Nicole Jao in New York, Seher Dareen in London, Sam Li in Beijing and Florence Tan in Singapore. Editing by Emelia Sithole-Matarise, Keith Weir, Mark Potter and Hugh Lawson)

Copyright Reuters or USA Today Network via Reuters Connect.

This story was originally published May 28, 2026 at 10:30 AM.