Live: Oil Prices Fall Below $100 as Trump Say Iran War May Be Coming To End

OilPrice · Michael Kern · last updated May 6, 2026 – 4:52 AM

Brent crude fell 10% to $98 and WTI dropped over 12% to $89 after reports emerged that the U.S. and Iran are discussing a one-page memorandum to pause the Hormuz conflict. President Trump halted Project Freedom — a naval effort to escort vessels through the Strait of Hormuz — citing “great progress” toward a “complete and final agreement” with Iran. Iran’s Foreign Minister Abbas Araghchi insisted Tehran would only accept “a fair and comprehensive agreement,” leaving the outcome of negotiations uncertain. 1m ago 7:40am CST Oil Majors…

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