May 6oil-prices
Brent crashes through $100 as US and Iran near deal to end the war
Brent broke below $98, down $11.67 on the day, after Axios reported the US and Iran are closing in on a one-page deal to end the war. Trump paused Project Freedom.
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Latest news and analysis on oil, gas, and commodity markets
May 6oil-prices
WTI crashes below $96 as oil sheds 10% from Monday's war peak
WTI broke below $96 on Wednesday, nearly 10% below Monday's close. Brent fell to $104. Five bearish forces are hitting at once as the market reprices the war.
May 5iran-war
Brent drops $4 from 2026 high as Hormuz clash fails to break ceasefire
Brent fell $4.31 to $110.13 after Monday's 2026 high of $114. US helicopters sank six Iranian boats during Project Freedom's first convoy, but both sides say the ceasefire holds.
May 4iran-war
Iran drone hits Fujairah oil terminal, threatening the last route around Hormuz
An Iranian drone struck the VTTI oil terminal in Fujairah, damaging two storage tanks at the endpoint of the only pipeline that bypasses the Strait of Hormuz. Brent crude surged past $113.
May 4iran-war
Project Freedom launches as US Navy guides first tankers through Hormuz under Iranian threats
The US military began guiding stranded commercial ships through the Strait of Hormuz on Monday, deploying 15,000 troops, guided-missile destroyers, and over 100 aircraft. Iran's IRGC warned it will attack any foreign forces entering the waterway.
May 1oil-prices
WTI drops 3% as Iran peace signals collide with crumbling demand
WTI fell 3.25% to $101.76 as Iran responded to US peace terms and the IEA's demand destruction warning keeps pulling the ceiling lower on crude prices.
May 1iran-war
Iran may have to shut wells within weeks as Kharg Island fills up
Kharg Island storage tanks hit 74% capacity as the US blockade chokes off exports. Analysts say Iran could face forced production cuts within two weeks.
Apr 29analysis
Brent rolled to July and the headline price just dropped $6 overnight
Brent's June contract expired Tuesday. The new July front month trades $6 lower, and that mechanical drop is why the screen looks bearish today, not the news.
Apr 28analysis
EU energy bill tops €24 billion since Iran war as diesel jumps 26%
The EU has spent €24 billion more on energy since the Iran war began, with diesel up 26% and Germany cutting fuel taxes to soften the household hit.
Apr 28opec
UAE quits OPEC and OPEC+ on May 1 after nearly 60 years of membership
The UAE will leave OPEC and OPEC+ on May 1, ending six decades inside the cartel and freeing Abu Dhabi to push production toward 5 million barrels a day.
Apr 27oil
Iran offers Hormuz reopening for blockade lift as Trump weighs deal
Tehran put a Hormuz-for-blockade offer on the White House desk over the weekend, with nuclear talks shelved to a later phase. Markets are pricing the delay.