Kuya Food Express – JAKARTA. WTI crude oil prices have plunged significantly, trading below the US$100 per barrel mark, following reports of a potential agreement between the United States and Iran to extend a ceasefire for 60 days. This development has profoundly impacted the global energy market, creating a ripple effect across commodity markets.
According to Trading Economics, as of Friday, May 29, 2026, at 11:07 AM WIB, the benchmark WTI crude oil price stood at US$88.02 per barrel. This represents a substantial weekly decline of 8.78%, signaling persistent downward pressure. Alwy Assegaf, from Research & Development at Trijaya Pratama Futures, noted that WTI crude continued its weakening trajectory on Friday, nearing the US$88 level and maintaining a sharp monthly downturn.
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The primary catalyst for this intensified pressure on oil prices stems from reports detailing a potential interim agreement between the United States and Iran. This prospective deal is widely seen as a significant step towards mitigating the risks of global supply disruptions, as highlighted by Alwy in his research report released on Friday, May 29, 2026.
The reports indicate that both nations are actively discussing a 60-day extension of their ceasefire, alongside the crucial prospect of granting unrestricted shipping access through the strategic Strait of Hormuz. Furthermore, Iran is reportedly committed to clearing all mines from these vital shipping lanes within 30 days. The potential reopening of this critical global energy distribution artery has fueled considerable market optimism, significantly reducing concerns over oil supply disruptions.
From a short-term technical analysis perspective, Alwy observes that the trend for WTI crude oil prices remains distinctly bearish. However, the Relative Strength Index (RSI) indicator is beginning to show signs of a potential bullish divergence. This comes as prices approach a robust demand area, identified between US$85.41 and US$83.21 per barrel.
Consequently, the downward pressure on prices is anticipated to become increasingly limited within this demand zone. This scenario potentially paves the way for a market rebound, offering an opportunity for WTI to retest the resistance level of US$92.49 per barrel.
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Summary
WTI crude oil prices have fallen 8.78% to US$88.02 per barrel as of May 29, 2026, following news of a proposed 60-day ceasefire agreement between the United States and Iran. This potential deal includes provisions for unrestricted shipping access through the Strait of Hormuz and the removal of mines, significantly easing concerns regarding global energy supply disruptions.
Market analysts note that the current trend for WTI remains bearish; however, technical indicators suggest potential support within the US$83.21 to US$85.41 demand zone. While the downward pressure persists, this support level may limit further declines and could facilitate a market rebound toward a resistance level of US$92.49 per barrel.