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Brent crude fell to $97.48 a barrel, down about $12 or nearly 11%, its lowest since April 22, amid hopes the Strait of Hormuz could reopen soon. Oil and gas prices fell sharply on the same reports of a US-Iran deal.
Expectations of Hormuz reopening lower the risk premium on crude and energy. Lower energy costs ease feed production and transport expenses, though supply recovery will take time.
theguardian.comJulia KolleweMay 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 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.
Hopes of Strait of Hormuz reopening pushed Brent down nearly 11% to its lowest since April 22, as expected restoration of Gulf export flows eased supply fears.
