Retraction. Starting in June 2026, The Fold published a storyline reporting that Iran's Supreme Leader Ali Khamenei was assassinated on February 28, that his son Mojtaba Khamenei was installed as his successor, and that a US-Iran war, ceasefire, and Doha diplomatic process followed — including in this article. We have found no independent, verifiable reporting supporting these specific claims. The storyline originated as an error in our automated drafting process: an early chapter generated these details without a real source, and later chapters treated the invented premise as established fact instead of catching the error. We do not have independent knowledge of Mr. Khamenei's actual status and are not asserting an alternative account — we are withdrawing our own reporting because we cannot stand behind it. See our corrections log.
Storyline 7 chapters

Crude Oil

May 12 – June 1, 2026 Updated Jun 1

Every published chapter of The Fold's coverage of Crude Oil, in one place — oldest to newest, updated as the story develops.

Market News

Brent above $107 as Saudi Aramco CEO warns of 100 million barrels lost weekly

Brent crude traded above $107 a barrel on Tuesday, up about 3.2 per cent on the day, after Trump rejected Iran's ceasefire counter-proposal overnight. Saudi Aramco CEO Amin Nasser warned that global oil markets are losing roughly 100 million barrels of supply each week.

Market News

Brent slides $3 toward $107 as Chinese tankers restore partial Hormuz flow

Brent crude eased $3 a barrel to settle near $107.80 by mid-morning London time as shipping data confirmed that Chinese supertankers had successfully transited the Strait of Hormuz through Iran's permit corridor.

Market News

Brent jumps 3% to $99.58 as Iran threats over Hormuz tolls reverberate

Brent crude futures settled at $99.58 a barrel, up more than 3 percent, after US strikes on Iranian IRGC assets and Iranian foreign ministry comments that Strait of Hormuz transit “will have costs”. WTI, more exposed to US domestic supply, fell nearly 3 percent to $93.89.

Market News

WTI tumbles 6 per cent below $89 after Iran signals month-long timeline to restore Hormuz traffic

WTI crude oil futures fell 6 per cent to $88.3 a barrel on Wednesday and Brent slid to $93.40 after Iranian state television said Tehran would restore commercial shipping through the Strait of Hormuz to pre-war levels within a month. Crude is now down sixteen per cent on the month.

Market News

Brent rebounds to $97 and WTI above $91 as Iran MoU language leaves traders unsure

Brent crude futures rose 3.4 per cent to $97.10 a barrel on Thursday and WTI added 3.7 per cent to $91.55, reversing most of Wednesday's six-per-cent slide. Traders read President Trump's "not satisfied" framing of the Iran memorandum as keeping the deal's collapse risk on the table.

Market News

Brent posts worst month in six years as traders bet on a US-Iran deal

Brent crude fell sharply in May, posting its biggest monthly loss in six years as markets priced in a US-Iran ceasefire that would reopen the Strait of Hormuz to shipping. Prices slipped further on Friday, with Brent settling near $92 a barrel and West Texas Intermediate around $87.

Market News Latest

Oil jumps as Iran halts US talks and threatens Hormuz closure

Crude prices surged on Monday after Iran said it was suspending negotiations with the United States and would move to close the Strait of Hormuz. West Texas Intermediate climbed about 7% to around $94 a barrel and Brent rose roughly 6% to near $97, reversing recent declines that had followed hopes of a ceasefire deal.

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