Oil Extends Decline on Hopes for U.S.-Iran Agreement -- Market Talk
Dow Jones05-07
0903 ET - Oil futures extend the previous day's losses with the market showing some optimism that the latest bid for an agreement between the U.S. and Iran might bear fruit and lead to the reopening of the Strait of Hormuz. "Whether these current diplomatic efforts will succeed remains to be seen," Samer Hasn of XS.com says in a note. "Meanwhile, the strait is still closed, oil supply is disrupted, and inventories are being depleted." WTI is down 4.9% at $90.45 a barrel and Brent is off 4.5% at $96.74.(anthony.harrup@wsj.com)
(END) Dow Jones Newswires
May 07, 2026 09:03 ET (13:03 GMT)
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