WTI crude fell below $88 per barrel on Friday May 29 and was on track for a sharp monthly loss of roughly 20% from its 2026 peak (its worst month since the COVID crash), after reports the US and Iran had tentatively agreed to extend the ceasefire 60 days and possibly permit unrestricted Strait of Hormuz shipping. WTI still sits well above the <$80-for-30-days invalidation threshold.