Brent Recovers to Over $100

2026-05-07 17:16 By Andre Joaquim 1 min. read

Brent oil futures pared losses to trade above $100 per barrel on Thursday as markets continued to wait for clarity on potential supply from the Persian Gulf.

Iran was still reviewing the memorandum sent by the US to end their two-month war, which would include the gradual resumption of tanker flows from the Middle East.

President Trump had signaled optimism on Iran agreeing to the concessions, which drove oil and refined product prices to plunge last session.

Still, the pullback was limited as global oil supply is expected to remain muted even if restrictions in the Strait of Hormuz are lifted.

Resumption of production capacity in GCC states is due to be slow do to damage and insurers are reluctant to service tankers crossing the Strait following reports of strikes in the region.

The halt in exports from the key region drove the US to deplete its product stocks, with gasoline inventories dropping for 12 consecutive weeks, while those for distillate fuel fell for nine weeks.



News Stream
Brent Recovers to Over $100
Brent oil futures pared losses to trade above $100 per barrel on Thursday as markets continued to wait for clarity on potential supply from the Persian Gulf. Iran was still reviewing the memorandum sent by the US to end their two-month war, which would include the gradual resumption of tanker flows from the Middle East. President Trump had signaled optimism on Iran agreeing to the concessions, which drove oil and refined product prices to plunge last session. Still, the pullback was limited as global oil supply is expected to remain muted even if restrictions in the Strait of Hormuz are lifted. Resumption of production capacity in GCC states is due to be slow do to damage and insurers are reluctant to service tankers crossing the Strait following reports of strikes in the region. The halt in exports from the key region drove the US to deplete its product stocks, with gasoline inventories dropping for 12 consecutive weeks, while those for distillate fuel fell for nine weeks.
2026-05-07
Brent Falls for 3rd Session as US-Iran Deal Eyed
Brent crude futures fell toward $96.9 per barrel on Thursday, extending a sharp decline from the previous session as investors weighed the prospects for a Middle East peace deal. Reports suggested that the US sent a one-page memorandum of understanding through Pakistani intermediaries aimed at formally ending the conflict and paving the way for the gradual reopening of the Strait of Hormuz. Tehran is expected to respond within days after confirming it was reviewing the US proposal, although broader negotiations surrounding Iran’s nuclear program are reportedly set to take place later. However, President Trump cautioned that a deal has not yet been finalized and it would be a "big assumption" that Iran would accept the proposal, while threatening to resume military strikes if it fails to comply. Meanwhile, latest data showed US oil exports climbed to a record high last week as countries increasingly turned to American supply amid shortages linked to the conflict.
2026-05-07
Brent Extends Fall as US-Iran Deal Eyed
Brent crude futures fell toward $99 per barrel on Thursday, extending a sharp decline from the previous session as investors weighed the prospects for a Middle East peace deal. Reports suggested that the US sent a one-page memorandum of understanding through Pakistani intermediaries aimed at formally ending the conflict and paving the way for the gradual reopening of the Strait of Hormuz. Tehran is expected to respond within days after confirming it was reviewing the US proposal, although broader negotiations surrounding Iran’s nuclear program are reportedly set to take place later. However, President Trump cautioned that a deal has not yet been finalized and it would be a "big assumption" that Iran would accept the proposal, while threatening to resume military strikes if it fails to comply. Meanwhile, latest data showed US oil exports climbed to a record high last week as countries increasingly turned to American supply amid shortages linked to the conflict.
2026-05-06