WTI crude futures fell toward $92.5 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.

Crude Oil fell to 92.78 USD/Bbl on May 7, 2026, down 2.42% from the previous day. Over the past month, Crude Oil's price has fallen 1.72%, but it is still 54.87% higher than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Crude Oil reached an all time high of 410.45 in December of 2025. Crude Oil - data, forecasts, historical chart - was last updated on May 7 of 2026.

Crude Oil fell to 92.78 USD/Bbl on May 7, 2026, down 2.42% from the previous day. Over the past month, Crude Oil's price has fallen 1.72%, but it is still 54.87% higher than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Crude Oil is expected to trade at 104.69 USD/BBL by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 119.76 in 12 months time.



Price Day Month Year Date
Crude Oil 92.39 -2.694 -2.83% -2.14% 54.21% May/07
Brent 98.54 -2.730 -2.70% 4.00% 56.81% May/07
Natural gas 2.71 -0.0163 -0.60% -0.38% -24.45% May/07
Gasoline 3.41 -0.0485 -1.40% 13.47% 62.90% May/07
Heating Oil 3.70 -0.0826 -2.18% -2.77% 80.37% May/07
Coal 132.05 -2.35 -1.75% -4.66% 33.72% May/06
Ethanol 1.97 -0.0600 -2.96% 0.77% 14.58% May/06
Urals Oil 98.46 -14.03 -12.47% -21.14% 79.15% May/06



Related Last Previous Unit Reference
United States API Crude Oil Stock Change -8.10 -1.79 BBL/1Million May 2026
Saudi Arabia Crude Oil Production 7763.00 10111.00 BBL/D/1K Mar 2026
United States Crude Oil Production 13626.00 13237.00 BBL/D/1K Feb 2026
Russia Crude Oil Production 9977.00 10056.00 BBL/D/1K Dec 2025
United States Crude Oil Stocks Change -2.31 -6.23 BBL/1Million May 2026
United States Weekly Crude Oil Production 13573.00 13586.00 Thousand Barrels Per Day May 2026

Crude Oil
Crude oil is one of the most widely followed commodities in the world due to its central role in the global economy. It is a key source of energy, a critical input for transportation and manufacturing, and a major driver of inflation and geopolitical dynamics. As a result, movements in oil prices are closely monitored by governments, businesses, and investors alike. West Texas Intermediate (WTI) crude oil is classified as light and sweet, where “light” refers to its low density and “sweet” indicates its low sulfur content. The delivery point for WTI crude oil futures is the Cushing Hub in Oklahoma, and each futures contract represents 1,000 barrels of crude oil. Crude oil prices displayed on Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments and are intended to provide a general market reference only. These prices do not represent official WTI crude oil prices. Official pricing and settlement data for WTI crude oil futures should be obtained directly from NYMEX. The data is supplied by a third party and, while efforts are made to ensure its reliability, Trading Economics does not verify the data and makes no representations or warranties.
Actual Previous Highest Lowest Dates Unit Frequency
92.78 95.08 410.45 -40.32 1983 - 2026 USD/BBL Daily

News Stream
Oil Extends Fall as US-Iran Deal Eyed
WTI crude futures fell toward $92.5 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
Oil Falls on Hopes of US–Iran Deal
WTI crude oil futures dropped about 6% to around $96 per barrel on Wednesday, extending a 3.9% decline from the previous session, as hopes for a diplomatic breakthrough between the US and Iran increased. Tehran said it is reviewing a US backed proposal to end the two month conflict, with a response expected via Pakistani mediators once a decision is reached. President Donald Trump signaled that a deal could reopen the Strait of Hormuz, but warned of more intense strikes if Iran fails to comply. Earlier reports indicated Washington had presented a draft framework for ending the war, with markets anticipating a reply within days. Trump also said the US would pause “Project Freedom,” a naval effort to escort vessels through the strait, citing progress in talks. Around 23,000 seafarers remain stranded in the Persian Gulf, and despite easing tensions, supply disruptions and high energy costs continue to weigh on global demand, with shipping flows likely to take weeks to normalize.
2026-05-06
Oil Extends Losses on Iran Deal Hopes
WTI crude oil futures dropped more than 9% to below $93 per barrel on Wednesday, extending a 3.9% decline from the previous session, after reports that the US and Iran are nearing a deal to end the conflict. According to Axios, US officials believe a preliminary agreement could soon be reached, outlining a framework for broader nuclear talks. President Donald Trump also said the US would temporarily halt “Project Freedom”, a military operation launched to escort vessels through the Strait of Hormuz, citing progress in negotiations. The administration noted that about 23,000 seafarers from 87 countries remain stranded in the Persian Gulf due to the disruption. Despite easing tensions, elevated energy costs have already started to weigh on global demand, and even if the strait reopens, a full recovery in shipping and trade flows is expected to take several weeks.
2026-05-06