Global oil prices fluctuate amid hopes for US-Iran peace deal

On May 6, 2026, international oil prices experienced significant volatility following reports of progress in peace negotiations between the United States and Iran. Some sources, including Politis and OmegaLive, reported that Brent crude dropped by 6.7% to $102.5 per barrel, while West Texas Intermediate fell by 7.7% to $94.2 per barrel. Other sources, such as RIK and Cyprus Times, reported a more moderate decrease, citing Brent crude at $108 per barrel and US crude near $100 per barrel. The uncertainty is linked to diplomatic efforts to end the conflict in the Middle East and the reported suspension of the 'Operation Freedom' military activity in the Strait of Hormuz. US President Donald Trump publicly stated that significant progress has been made toward a final agreement. Analysts warn that despite the potential de-escalation, the restoration of global oil supply chains will likely be delayed.