economy
May 8, 2026
Texas oil rises 0.6% and closes the week at $95.42
West Texas Intermediate (WTI) crude oil rose 0.6% this Friday, reaching $95.42 a barrel, with the market awaiting developments in peace negotiations between the US and Iran while they exchange low-intensity attacks in the Strait of Hormuz. At the end of the session, WTI futures contracts for June, the benchmark in the United States, added $0.61 compared to the previous close. [...]
TL;DR
- WTI crude oil increased by 0.6% to $95.42 per barrel.
- The market is monitoring US-Iran peace talks amid exchanges of low-intensity attacks in the Strait of Hormuz.
- WTI futures for June delivery gained $0.61.
- The US disabled two Iranian oil tankers prior to them entering a Persian country's port.
- US Secretary of State Marco Rubio expects an Iranian response on 'serious' peace negotiations.
- Analysts from Rystad Energy noted that a peace announcement would immediately impact oil futures.
- They also stated that the physical market recovery would take time, with significant volume recovery potentially not occurring until June at the earliest.
- Reaching processing ports could be delayed by an additional four to six weeks.