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Crude oil futures settle lower amid hopes of US-Iran peace deal

07 May 2026 Evaluate

Crude oil futures settled lower on Wednesday amid optimism that the U.S. and Iran were close to reaching an agreement to end the conflict that has caused the largest energy supply disruption in history. Meanwhile, a report released by the Energy Information Administration (EAI) showed US crude inventories fell by 2.314 million barrels to 457.2 million barrels in the week ended May 1, compared with expectations for a 3.3 million barrel draw. 

Benchmark crude oil futures for June delivery decreased by $7.19 or 7.03% to settle at $95.08 a barrel on the New York Mercantile Exchange. Brent crude for July delivery fell by $8.6 or 7.83% to settle at $101.27 a barrel on the New York Mercantile Exchange. 


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