economy
May 8, 2026
Oil falls amid optimism in Iran-US negotiations
The oil market is beginning to transition progressively from a scenario of major global supply disruption to one of partial normalization of energy flows, estimated John Plassard, an analyst at Cité Gestion.
TL;DR
- Oil prices fell on Thursday amid optimism about a potential Iran-US agreement.
- Brent crude dropped 3.64% to $97.58 per barrel, and WTI fell 3.90% to $91.37.
- Market sentiment is shifting from supply disruption to partial normalization of energy flows.
- US President Donald Trump indicated potential progress in talks with Iran.
- Iran stated the US proposal is under consideration and their views will be communicated via Pakistan.
- The conflict, initiated by an attack on Iran, led to regional retaliation and the blockade of the Strait of Hormuz.