Crude Prices
WTI crude oil plunges below $90/bbl on reports US, Iran nearing peace deal
This story was originally published at 17:26 IST on 6 May 2026
Register to read our real-time news.Informist, Wednesday, May 6, 2026
--WTI crude oil plunges over 12% on reports US, Iran nearing peace deal
NEW DELHI – Crude oil prices on the NYMEX plunged below $90 per barrel as media reports of the US and Iran were nearing an initial peace deal eased concerns about disruptions in supply through the Strait of Hormuz.
The White House believes it is close to agreeing on a one-page memorandum of understanding with Iran to end the conflict, Axios reported. "We will close this very soon. We are getting close," Axios quoted a Pakistani source familiar with the development. Last month, Pakistan hosted peace talks between the two warring nations and continues to be the mediator in peace negotiations.
In the memorandum's current form, Tehran and Washington's restrictions on shipping through the Strait of Hormuz will be gradually lifted over a 30-day period, Axios reported. The strait, a key channel for shipping crude oil from West Asia, has remained largely closed since the US and Israel jointly attacked Iran on Feb. 28.
If agreed upon, the memorandum would provide "a way out of an intractable situation for the US and Iran, and could lead to the strait opening up," Dow Jones quoted Panmure Liberum's head of strategy, Joachim Klement, as saying.
At 1704 IST, the most-active June contract of West Texas Intermediate crude oil on the NYMEX was down 11.6% at $90.42 per barrel, after hitting a two-week low of $88.66 per barrel. The July contract of Brent crude oil on Intercontinental Exchange was down 10.8% at $98.02 per barrel, after hitting a low of $96.75 per barrel. End
US$1 = INR 94.61
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Afra Abubacker
Edited by Avishek Dutta
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.
Informist Media Tel +91 (11) 4220-1000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2026. All rights reserved.
To read more please subscribe
Share this Story:
