# Oil prices slide on reports US and Iran are nearing peace agreement | Reuters

> Oil prices fell sharply to two-week lows on May 6 as reports said the US and Iran were nearing an initial peace deal, with Pakistan acting as mediator and Iran reviewing a US proposal. Brent settled down $8.60 (7.83%) at $101.27 after dipping below $100 for the first time since April 22, and WTI lost $7.19 to $95.08.

- Date: 2026-05-05 · published 2026-05-05T12:00:00.000Z
- Category: geopolitics · region Middle East · magnitude high
- Page: https://feedsoft.ai/events/9579-oil-prices-slide-on-reports-us-and-iran-are-nearing-peace-agreement-reuters
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A prospective end to the Middle East war would ease fears of lost Gulf supply, pushing crude lower. Lower crude reduces diesel and energy costs for feed production and transport, and can weaken biofuel-linked demand for vegetable oils.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2026-05-07 | 5 | -18.0% | -3.6 | Reports of a near US-Iran peace deal triggered a $8.60 one-day Brent drop to about $101, directly driving the sentiment-led decline as the risk premium for Gulf supply disruption was removed. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2026-05-29 | [Oil falls on hopes for US-Iran ceasefire agreement \| Reuters](https://feedsoft.ai/events/12485-oil-falls-on-hopes-for-us-iran-ceasefire-agreement-reuters.md) | +2.5% | -21.2% |
| BRENT | 2026-05-06 | [Brent Crude Price: Oil and gas plunge after report US and Iran near deal to end war](https://feedsoft.ai/events/9582-brent-crude-price-oil-and-gas-plunge-after-report-us-and-iran-near-deal-to-end.md) | -2.3% | -11.1% |
| BRENT | 2026-05-24 | [Oil tumbles nearly 7% as US and Iran seen moving closer to deal \| Reuters](https://feedsoft.ai/events/12722-oil-tumbles-nearly-7-as-us-and-iran-seen-moving-closer-to-deal-reuters.md) | -8.2% | -26.6% |
| BRENT | 2026-03-24 | [Oil prices drop 2% as Iran considers US proposal to end war \| Reuters](https://feedsoft.ai/events/8151-oil-prices-drop-2-as-iran-considers-us-proposal-to-end-war-reuters.md) | +15.1% | +0.4% |
| BRENT | 2025-06-25 | [Israel-Iran war highlights Mideast's declining influence on oil prices \| Reuters](https://feedsoft.ai/events/9611-israel-iran-war-highlights-mideast-s-declining-influence-on-oil-prices-reuters.md) | -1.1% | +1.5% |
| WTI | 2026-05-29 | [Oil falls on hopes for US-Iran ceasefire agreement \| Reuters](https://feedsoft.ai/events/12485-oil-falls-on-hopes-for-us-iran-ceasefire-agreement-reuters.md) | +4.6% | -23.5% |
| WTI | 2026-05-06 | [Brent Crude Price: Oil and gas plunge after report US and Iran near deal to end war](https://feedsoft.ai/events/9582-brent-crude-price-oil-and-gas-plunge-after-report-us-and-iran-near-deal-to-end.md) | +0.0% | -5.8% |
| WTI | 2026-05-24 | [Oil tumbles nearly 7% as US and Iran seen moving closer to deal \| Reuters](https://feedsoft.ai/events/12722-oil-tumbles-nearly-7-as-us-and-iran-seen-moving-closer-to-deal-reuters.md) | -4.4% | -25.2% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-prices-little-changed-ceasefire-holds-us-crude-stocks-fall-2026-05-05/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.