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Oil Prices Whipsaw as US-Iran try to work out deal to end war
Posted
May 7, 2026
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2:59Now PlayingOil dipped in a volatile session as the US waited on Iran’s response to its proposal to end the war and reopen the vital Strait of Hormuz. West Texas Intermediate crude futures briefly dipped as much as 5.5% to trade below $90 a barrel before paring most losses amid signs that Iran continues to assert its control of the crucial oil and natural gas transit route. Prices slumped 8% on Wednesday with renewed hope that the conflict, which has sparked a global energy crisis, might soon come to an end.
US President Donald Trump is seeking an exit from the war, which has sent oil prices soaring and could damage the Republican Party’s political standing ahead of the fall midterm elections. The ongoing closure of Hormuz has been a major sticking point, and leveraging tool, between Tehran and Washington. The US has presented a one-page memorandum of understanding that will potentially lead to the gradual reopening of Hormuz, a person familiar with the matter previously said. Iran is expected to send a response via Pakistan, acting as a mediator, in the next two days. The country’s leaders are yet to indicate whether they’ll accept the terms. We get reaction from Mike McGlone, Senior Commodity Strategist for Bloomberg Intelligence.
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