Vincent Wu
Research Associate, Flux
Brent Falls to $94/bbl
Brent trades up to $96 before falling to $94 following fresh US strikes on Iran; NZ government allocates $150mn to expand fuel reserves
Published: May 28, 2026
Written by:
Vincent Wu
4 page report
The Aug’26 Brent crude futures opened higher on Thursday morning, rising up to $96/bbl before falling towards the $94/bbl level by 10:30 BST (time of writing).
Prices initially saw support after fresh US strikes on Iran overnight, with American forces reportedly shooting down four Iranian attack drones and targeting sites in southern Iran, while the IRGC said it responded by targeting a US air base. Despite the escalation, broader market sentiment remains cautiously optimistic on the prospect of a peace deal. In other news, The US has sanctioned the Persian Gulf Strait Authority, the body Iran has set up to manage the Strait of Hormuz, the Treasury Department said on Wednesday. Chevron has filed an official request to take over a 70% stake from Greece’s Helleniq Energy in an offshore block southwest of Greece. The New Zealand government has allocated $150 million NZD to expand its strategic fuel reserves and set aside a further $450 million as a time-limited contingency for potential additional support, according to its budget. Malaysia’s Petronas is exploring for oil at offshore Block 52 in Suriname, which was declared commercially viable for the development of natural gas late last year following large discoveries in the area, where it could become commercial for oil in 18 months. ExxonMobil shareholders on Wednesday approved the company’s play to redomicile to Texas, marking a win for the top US oil producer after two leading proxy advisory firms advised investors to strike down the proposal. Finally, the Jul/Aug’26 and Jul/Jan’27 Brent futures spreads are at $2.07/bbl and $12.12/bbl respectively.
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