Brent crude fell nearly 10% on May 6, 2026. The international benchmark traded below $100 a barrel for the first time in two weeks. West Texas Intermediate (WTI) also recorded a sharp decline.
Axios reported that the United States and Iran are nearing a one-page de-escalation agreement. The framework establishes a path for nuclear negotiations and the reopening of the Strait of Hormuz. President Donald Trump announced a temporary pause in naval escort missions through the strait, citing great progress in talks.
Energy stocks sold off as investors anticipated increased global oil supply. Shares of Exxon Mobil, Chevron, and ConocoPhillips fell significantly during morning trading. Lower energy prices triggered a broader stock market rally. The price drop eased investor concerns regarding inflation and economic growth.