News · 3 May 2026

Brent crude eases to $108 as Iran peace hopes rise

Oil prices fell back on Friday as fragile signs of US-Iran diplomacy returned to markets. Brent crude dropped to around $108 a barrel, trimming weekly gains as traders weighed the impact of Iran's 14-point peace plan and Trump's mixed signals on a deal. Prices remain about 60% higher than before the war began on 28 February, with the Strait of Hormuz still effectively closed to most commercial shipping.

By BriefTea Editorial · 3 May 2026 at 10:03

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