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Commodity News Details
Crude oil slides below $100 on peace signals
06-May-2026 13:39
WTI crude futures dropped below $100 per barrel on Wednesday, marking a second straight session of losses as optimism over a potential US'Iran peace agreement raised expectations of restored Middle East supply. Latest comments from the US President Donald Trump hinting at progress and a temporary pause in US efforts to escort ships through the Strait of Hormuz further easing supply concerns, while hopes of resumed oil flows pressured prices despite ongoing deadlock as Iran continues to demand the removal of the US naval blockade before engaging in talks, keeping uncertainty in play even as market sentiment turned bearish, with MCX May crude futures reflecting the global trend by falling more than 3.5% to ₹9,354 per barrel.

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