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Global oil prices fell as much as 12% on May 6 before paring nearly half of those losses, as markets weighed reports of progress toward a US-Iran peace deal. Brent for July delivery traded as low as $96.75 before recovering to around $102.76.
Analysts say an Iran deal would delay rather than end the crude supply crisis, so prices may stay volatile. Feed buyers face unstable energy and freight costs until Hormuz flows are confirmed.
marketwatch.comMyra P. Saefong,Mike MurphyMay 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.
Intraday drop of as much as 12% to $96.75 reflected peace-deal optimism, though partial recovery signals the move was sentiment-driven and fragile.
