GreenergyDaily

May. 6, 2026

Oil prices fell sharply as optimism grew that the United States and Iran are nearing a deal to end the war, raising expectations of a return of Middle East supply.

The White House believes it's getting close to an agreement with Tehran on a one-page memorandum to end the war and set a framework for more detailed nuclear negotiations, Axios reported Wednesday.

Brent slid 7.2% to around $102 a barrel on expectations that a settlement may be near. U.S. West Texas Intermediate dropped 8.1% to about $94.

Disruptions to shipping through the Strait of Hormuz since February have tightened supply and pushed oil prices higher, with Brent reaching its highest level since March 2022 last week.