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.

Crude Oil fell to 94.79 USD/Bbl on May 6, 2026, down 7.31% from the previous day. Over the past month, Crude Oil's price has fallen 16.08%, but it is still 63.24% 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 6 of 2026.

Crude Oil fell to 94.79 USD/Bbl on May 6, 2026, down 7.31% from the previous day. Over the past month, Crude Oil's price has fallen 16.08%, but it is still 63.24% 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 95.21 -7.060 -6.90% -15.71% 63.96% May/06
Brent 101.70 -8.173 -7.44% -6.93% 66.39% May/06
Natural gas 2.72 -0.0674 -2.42% -5.21% -24.87% May/06
Gasoline 3.47 -0.1553 -4.29% 4.84% 70.97% May/06
Heating Oil 3.81 -0.2155 -5.35% -14.80% 93.13% May/06
Coal 134.40 -1.15 -0.85% -2.54% 35.21% May/05
Ethanol 2.03 0 0% 2.02% 16.05% May/05
Urals Oil 112.49 1.91 1.73% -9.90% 100.48% May/05



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 13586.00 13585.00 Thousand Barrels Per Day Apr 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
94.79 102.27 410.45 -40.32 1983 - 2026 USD/BBL Daily

News Stream
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
Oil Declines as US Winds Down Iran Offensive
WTI crude futures dropped below $100 per barrel on Wednesday, declining for the second straight session after US Secretary of State Marco Rubio announced that “Operation Epic Fury is concluded,” noting that its objectives had been met. President Donald Trump also said the US would temporarily pause its effort to assist stranded vessels in exiting the Strait of Hormuz, allowing time to assess whether a potential agreement with Iran to end the conflict could be reached. However, the US blockade on ships traveling to and from Iranian ports will remain in place. Washington is now turning its attention to reopening the strait, facing mounting pressure from other nations and growing domestic opposition to the war. These developments unfold against a backdrop of continued deadlock between the US and Iran, with little headway toward renewed negotiations, as Tehran maintains that any talks hinge on the removal of the US naval blockade.
2026-05-05