Brent Set for 7% Weekly Drop

2026-05-08 11:54 By Agna Gabriel 1 min. read

Brent crude oil futures fell 7% to around $101 per barrel this week as President Donald Trump said the ceasefire with Iran remained in place despite fresh clashes between US and Iranian forces, reinforcing hopes that a broader agreement could still be reached.

US Central Command said American forces struck military targets in Iran after Tehran fired on three destroyers in the Strait of Hormuz, though officials stressed they were not seeking escalation.

Trump later said the vessels had safely exited the strait without damage.

Oil markets remain focused on Hormuz, which has been effectively closed since late February, disrupting global crude flows and forcing production shutdowns across the region.

Traders continue balancing hopes for diplomacy against the risk of renewed escalation.

The International Energy Agency warned the conflict is removing around 14 million barrels per day from global supply, while the UAE reported intercepting missiles and drones near the strait.



News Stream
Oil Edges Higher on Friday, Posts Weekly Loss
Brent crude oil futures rose 1.2% to settle near $101 per barrel on Friday as renewed clashes between the US and Iran raised doubts about the durability of a fragile ceasefire and tempered hopes for a quick peace agreement, though prices still posted a weekly loss of about 6%. Fighting in the Persian Gulf kept markets focused on the Strait of Hormuz, which has remained largely closed since late February, disrupting global crude flows and creating a major supply shock. Iran accused the US of violating the ceasefire, while Washington said American forces struck Iranian military targets after attacks on US warships and blocked tankers attempting to leave Iranian ports. President Donald Trump said the ceasefire remained in effect despite the exchanges. Traders continue balancing expectations for diplomacy against the risk of further escalation.
2026-05-08
Brent Set for 7% Weekly Drop
Brent crude oil futures fell 7% to around $101 per barrel this week as President Donald Trump said the ceasefire with Iran remained in place despite fresh clashes between US and Iranian forces, reinforcing hopes that a broader agreement could still be reached. US Central Command said American forces struck military targets in Iran after Tehran fired on three destroyers in the Strait of Hormuz, though officials stressed they were not seeking escalation. Trump later said the vessels had safely exited the strait without damage. Oil markets remain focused on Hormuz, which has been effectively closed since late February, disrupting global crude flows and forcing production shutdowns across the region. Traders continue balancing hopes for diplomacy against the risk of renewed escalation. The International Energy Agency warned the conflict is removing around 14 million barrels per day from global supply, while the UAE reported intercepting missiles and drones near the strait.
2026-05-08
Brent Rises on Renewed Middle East Tensions
Brent crude futures climbed above $100 per barrel on Friday, recouping some losses from earlier in the week as fresh clashes between the US and Iran threatened to derail diplomatic efforts to end the conflict. US Central Command said American forces intercepted Iranian attacks and carried out defensive strikes while guided missile destroyers passed through the Strait of Hormuz, emphasizing that the military does not intend to escalate tensions further. Meanwhile, the Trump administration is awaiting Iran’s response to a proposal aimed at reopening Hormuz and ending the nearly 10-week conflict, with tensions remaining elevated across both the Persian Gulf and Lebanon. According to reports, Tehran is expected to deliver its response through Pakistan within the next two days. Separately, the IEA warned that the war was disrupting roughly 14 million barrels per day of global oil supply and noted that any post-conflict production recovery would likely proceed gradually.
2026-05-07