Oil Drops Below $90 as US-Iran Stalemate Nears 100 Days, Hormuz Transit Halted

The US-Iran standoff dragged into its 100th day on June 5, 2026, with no ceasefire in sight and Tehran insisting on a Lebanon truce and thawing of $24 billion in frozen assets. Oil prices fell more than 2% to near $90 a barrel as China’s demand curbed and US crude exports plugged supply gaps, defying earlier fears of a spike to $300. No commercial transits through the Strait of Hormuz were observed Friday, after three passages each way on Thursday, according to Bloomberg ship-tracking data. President Trump said negotiations are in “final” stages but offered no details. Congress dealt a symbolic blow, voting to halt the war, while approving more Ukraine aid and Russia sanctions. The conflict that began February 28 has fueled inflation, eroding US paychecks, with 64% of Americans saying it was the wrong decision in a May poll. Iran’s recent missile strikes on Kuwait and Bahrain, killing one, followed a fragile April 8 ceasefire.