Oil eases below $100 as Strait of Hormuz reopening nears

Crude prices have eased from the highs reached during the Gulf conflict as reports of an imminent US–Iran framework raised hopes that the Strait of Hormuz will soon reopen to normal traffic.

Relief, with caveats

Brent averaged about $107 a barrel in May, its first monthly decline since December, and has softened further this month. Analysts warn that flows will resume only gradually, with trade patterns unlikely to normalise before early 2027.

For energy importers like Sri Lanka, every dollar off the barrel eases pressure on the rupee and the fuel-subsidy bill.