News · 4 May 2026
Oil prices tumble as Iran peace hopes return to markets
Unsplash / David Thielen
Crude prices fell sharply on Sunday as renewed signs of US-Iran diplomacy returned to global markets. US crude tumbled 3% to close at $101.94 a barrel, while Brent crude lost almost 2% to settle at $108.17, although both remain nearly 78% higher since the start of 2026. Trump said he had been told about the concept of a deal but was waiting for the exact wording before deciding whether to accept.
Reported by Trading Economics · How we write briefs