Oil Trims Gains, but U.S.-Iran Attacks Keep Prices Elevated -- Market Talk

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Oil Trims Gains, but U.S.-Iran Attacks Keep Prices Elevated -- Market Talk

Dow Jones05-08

0723 GMT - Oil prices trim earlier gains but remain elevated after the U.S. and Iran exchanged fire, threatening an already-fragile cease-fire and casting doubt on peace negotiations. Despite the attacks, President Trump said the cease-fire remains in effect. In early European trading, Brent crude for July delivery is up 0.6% to $100.67 a barrel, while WTI futures for June rise 0.4% to $95.16 a barrel. The benchmarks rose more than 2% earlier in the session. "Brent crude trades firmer, holding above $100 after another volatile week that saw an almost $20 trading range as Middle East headlines swung sentiment between optimism and frustration," analysts at Saxo Bank say. "The key point remains unchanged: the Strait of Hormuz remains effectively closed, with renewed clashes between U.S. and Iranian forces lowering the prospect of a near-term reopening." (giulia.petroni@wsj.com)

(END) Dow Jones Newswires

May 08, 2026 03:23 ET (07:23 GMT)

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