economy
May 6, 2026
Texas oil falls to $95 on possible US-Iran agreement
Texas Intermediate (WTI) crude oil fell this Wednesday by 7.03%, to $95.08 a barrel, amid a possible agreement between the United States and Iran to end the war in the Middle East. At the end of the session, WTI futures contracts for June, the benchmark crude in the US, fell $7.19 compared to the previous close, when optimism for the cessation of the conflict already reduced its price by 3.9%.
TL;DR
- WTI crude oil fell 7.03% to $95.08 per barrel.
- The drop is attributed to a potential agreement between the US and Iran to end the conflict.
- US President Donald Trump announced considerable progress towards a deal with Iran.
- The US suspended the military operation 'Project Liberty' aimed at assisting vessel transit through the Strait of Hormuz.
- Trump stated that if Iran adheres to agreed-upon peace conditions, military operations and the naval blockade of the Strait of Hormuz will end.
- Iran has established a new agency to manage transit through the Strait of Hormuz.