WTI fell more than 6% to $79.10 a barrel and Brent lost more than 5% to $82.99 after President Donald Trump said a planned Iran strike was called off. The move repriced the Strait of Hormuz risk premium after weeks of supply-route stress.
Oil briefly touched $90 after a fresh tanker-strike shock around Iran, then gave back gains as Tehran said U.S. talks could proceed. The move keeps Hormuz risk, shipping insurance, and inflation-sensitive energy costs at the center of the week’s market pricing.
WTI climbed 4.16% to $73.37 and Brent rose 4.23% to $77.30 after President Trump said the Iran memorandum of understanding was “over.” The move followed a U.S. revocation of a license tied to Iranian crude sales.
WTI crude rose from a $69.23 settlement to $70.24 in after-hours trading after U.S. Central Command said it struck Iranian missile, drone-storage and coastal-radar sites. Brent moved from $71.99 to about $72.98 as traders repriced Strait of Hormuz risk.
WTI crude settled 3.2% lower at $84.88 and Brent lost 3.4% to $87.33 after a senior Trump administration official put the odds of a U.S.-Iran Hormuz reopening agreement at 80%.
USDA confirmed a second New World screwworm detection in Zavala County, Texas, 5.6 miles from the first case. Canada responded with temporary livestock and horse import restrictions for animals tied to Texas within 21 days, adding a trade-control shock to a tight U.S. cattle market.
WTI rose $2.93 to $90.29 and Brent added $2.52 to $93.64 after a fresh U.S.-Iran exchange of strikes. The move keeps the Strait of Hormuz risk premium inside inflation, rates, and energy-equity pricing.
Brent crude fell $4.86 to $98.68 and U.S. crude dropped more than 4% to $91.83 after reports of progress toward a U.S.-Iran deal. Japan’s Nikkei 225 rose 2.9% to 65,158.19, its first close above 65,000.
Supertanker Idemitsu Maru, carrying 2 million barrels of Saudi crude, is set to arrive in Nagoya on May 25 — the first successful Strait of Hormuz passage since Iran's war began February 28, 2026. Japan's Middle East crude imports had collapsed 67.2% year-over-year in April as the strait was blocked.
A US-Iran peace deal framework is advancing, with proposed terms including a freeze on Iran's nuclear enrichment, release of frozen Iranian assets, and reopening of the Strait of Hormuz to commercial shipping. Iran is expected to respond formally within 48 hours through Pakistan as mediator. Brent crude has fallen 14% from $126 to around $108, with WTI dropping below the $100 psychological level. Equity futures rallied broadly on the development.
Brent pushed above $114 after the UAE said it will leave OPEC and OPEC+ on May 1, removing the cartel's third-largest producer at a time of disrupted Hormuz shipping. Abu Dhabi framed the move as a capacity decision, not a break with oil-market stability.
Iran said it seized two container ships in the Strait of Hormuz after reports of three attacks; Brent briefly topped $100 before trading 0.5% higher at $99.03.