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Collinson FX: May 21: Oil prices tumble down to below USD$100/b

by Collinson FX 20 May 15:14 PDT 21 May 2026
Ladybird - Auckland Wooden Boat Festival - March 2026 © Richard Gladwell - Sail-World.com/nz

May 21: Oil prices tumble

Tensions eased in the Middle East, as US allies in the region look to negotiate a peace deal with Iran.

Oil prices tumbled down to below USD$100/b, while soaring bond yields, eased. The pressure was off markets and equities rallied, while the US Dollar eased. The EUR bounced back to above 1.1650, while the GBP pushed back to 1.3439. UK inflation numbers came in much cooler than expected, easing to an annualised 2.8%, following a seemingly successful energy cap scheme being introduced.

Inflationary pressures remain, as outlined in the Fed minutes, so a compromise in needed urgently, in peace negotiations.

Commodity currencies benefited from an easing in the reserve, with the AUD rebounding to 0.7150, while the NZD pushed back above 0.5850. Markets attained some form of calm, but geopolitical turmoil could erupt at any time, reigniting crises.

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