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Commodity News Details
Oil holds near $95 as US-Iran peace hopes grow
07-May-2026 12:38
WTI crude futures traded little changed near $95 per barrel on Thursday after sharp losses in the previous session triggered bargain buying. Oil prices had plunged nearly 14% to two-week lows amid growing optimism over a possible US-Iran peace agreement that could reopen the Strait of Hormuz and ease supply concerns. Investor sentiment improved after reports suggested both sides were nearing a preliminary memorandum to end the conflict, although President Trump warned military action could resume if negotiations fail. Meanwhile, a weaker US dollar also supported crude prices. In India, MCX June crude oil futures traded 0.6% lower at Rs 8,962 per barrel.

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