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Oil prices fell about 4% in volatile trade after jumping about 6% in the prior session, as the US-Iran ceasefire held and two ships passed through the Strait of Hormuz. Brent settled at $109.87 and WTI at $102.27.
Limited passage through Hormuz and a fragile truce keep Gulf supply at risk, so crude remains elevated and volatile. Higher energy costs raise feed milling and freight expenses.
reuters.comScott DisavinoMay 5, 2026After 250 past bearish geopolitics events, BRENT moved a median -3.1% over 5 sessions (36% higher; middle half -7.9% to +1.6%), and -5.5% over 20.
After 255 past bearish geopolitics events, WTI moved a median -2.4% over 5 sessions (31% higher; middle half -7.0% to +1.7%), and -5.0% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
A holding ceasefire and ships transiting Hormuz lowered Brent about 4% to $109.87, contributing to the start of the weekly slide via easing supply-risk sentiment.
