economy
May 6, 2026
Oil plunges more than 6% amid potential peace deal between the United States and Iran
Portafolio Journalist 05/06/2026 06:10 Updated: 05/06/2026 06:35
TL;DR
- Brent crude for July delivery dropped over 6% to $102.80 per barrel.
- Reports indicate the US and Iran are close to a memorandum of understanding to end the war.
- This news has led to a significant decline in oil prices.
- The US suspended a military operation to escort ships in the Strait of Hormuz.
- WTI crude and European natural gas prices also saw substantial drops.