economy
May 9, 2026
Oil falls amid optimism in negotiations between Iran and the US
The oil market is beginning "to progressively move from a scenario of major disruption to global supply to a scenario of partial normalization of energy flows," estimated John Plassard, an analyst at Cité Gestion.
TL;DR
- Oil prices fell as the market became optimistic about a potential deal to end the Iran-US war.
- Washington indicated diplomatic progress, leading to a drop in oil prices.
- Brent crude fell by 3.64% to $97.58 per barrel, and WTI fell by 3.90% to $91.37 per barrel.
- Analysts suggest a shift from potential global supply disruption to partial normalization of energy flows.
- US President Donald Trump expressed optimism about reaching an agreement with Iran.
- Iran's Foreign Ministry spokesperson stated that the US proposal is under review.
- The war, triggered by an attack on Iran, led to regional reprisals and the blocking of the Strait of Hormuz.