News · 3 May 2026
Brent crude eases to $108 as Iran peace hopes rise
Unsplash / Maksym Kaharlytskyi
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.
Reported by Trading Economics · How we write briefs