Japan’s crude oil tanker “Idemitsu Maru,” that passed through the Strait of Hormuz in April, arrives at waters off Chita, central Japan, Monday, May 25, 2026. (Kyodo News via AP)

US-Iran Israel War News LIVE: Oil futures plummeted slightly early Friday amid hopes that the US and Iran can reach an agreement to extend the fragile ceasefire. According to Oilprice.com, Brent crude dropped by 0.77 per cent to $92.94 per barrel, while US West Texas Intermediate (WTI) crude fell to $87.90 per barrel – a drop by one percent, as of 8:32 am on Friday. The slight price drop comes after US Vice President JD Vance’s remarks that while the two countries are getting closer, they have not yet reached a deal.

Meanwhile, the United States Department of State Friday announced new sanctions against entities, individuals, and vessels that fund the Iranian military and the Islamic Revolutionary Guard Corps (IRGC) against Operation Epic Fury, spokesperson Tommy Pigott shared over a post on X. Moreover, the Treasury Department has sanctioned Hong Kong-based entities for overseeing a multibillion-dollar Iranian oil sales network, Al Jazeera reported quoting the State Department.

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