Loading…
Brent fell as much as 9.4% to $99.50 a barrel and WTI dropped almost 11% after Axios reported the US was close to a one-page memorandum with Iran to end the near 10-week war. European natural gas plunged as much as 11%, and more than 1,550 ships remain stuck in the Persian Gulf.
A deal would reopen Strait of Hormuz flows, but analysts note supply will not normalize quickly, so the price drop may be temporary. Lower gas and crude reduce input costs for feed and fertilizer.
moneycontrol.comBloombergMay 6, 2026After 250 past bearish geopolitics events, Crude Oil (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, Crude Oil (WTI) moved a median -2.4% over 5 sessions (31% higher; middle half -7.0% to +1.7%), and -5.0% over 20.
After 15 past bearish geopolitics events, Natural Gas moved a median -1.1% over 5 sessions (40% higher; middle half -9.2% to +2.4%), and +4.7% 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.
The Axios report of a one-page US-Iran memorandum to end the war sent Brent down as much as 9.4%, cutting the supply-disruption premium.
