Business
Oil Price Today (May 6): Crude oil falls below $110, down 6% in just two sessions. What’s behind the dip?
Trump said on Tuesday that an operation to escort ships through the Strait of Hormuz would be paused briefly, citing movement toward a broader agreement with Iran, though he did not provide specifics. There was no immediate response from Tehran, where it was still early morning on Wednesday.
Crude oil price on May 6
Brent crude for July delivery dropped $1.52, or 1.38%, to $108.35 a barrel, after losing 4% in the previous session. U.S. West Texas Intermediate crude for June fell $1.50, or 1.47%, to $100.77, following a 3.9% decline on Tuesday.He added that the U.S. Navy would continue its blockade of Iranian ports. The Strait of Hormuz, which normally handles about one-fifth of global oil and natural gas shipments, has largely been shut since the U.S.-Israeli conflict with Iran began on February 28.
The disruption has tightened global supplies, pushing Brent prices last week to their highest level since March 2022.
In a social media post, Trump said both sides had agreed that while the blockade would remain fully in place, “Project Freedom” would be paused temporarily to allow time for the agreement to be finalised.
His remarks came shortly after U.S. Secretary of State Marco Rubio updated reporters on the escort initiative announced on Sunday to help stranded tankers pass through the strait. On Monday, the U.S. military said it had destroyed several Iranian small boats along with cruise missiles and drones while escorting two vessels out of the Gulf.
On Tuesday, Washington played down the prospect of a return to active war, with Defense Secretary Pete Hegseth confirming the truce that began just under a month ago is still in place. Meanwhile, General Dan Caine, the chairman of the Joint Chiefs of Staff, said attacks by Tehran on vessels in the Persian Gulf and the United Arab Emirates didn’t constitute a breach of a ceasefire.
Experts still worried
On the outlook, Haitong Futures noted that the current ceasefire could be temporary. A lack of progress in U.S.-Iran talks may lead to renewed escalation, potentially pushing oil prices higher.
Nuvama Institutional Equities echoed a similar view, stating that an extended shutdown of the Strait of Hormuz, which carries around 20 million barrels per day, could lift crude prices into the $110 to $150 range.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Business
NASA to wear Prada as luxury group pushes into space industry

NASA to wear Prada as luxury group pushes into space industry
Business
As Platner targets Senate seat, fellow Democrats hold their noses ahead of Maine primary

As Platner targets Senate seat, fellow Democrats hold their noses ahead of Maine primary
Business
GameStop’s Ryan Cohen Is Ready to Talk About eBay. For Real.
GameStop’s Ryan Cohen Is Ready to Talk About eBay. For Real.
Business
Expanding AI Footprint Lifts Moat Stocks
Expanding AI Footprint Lifts Moat Stocks
Business
Wealthfront: This Earnings Sell-Off Opens A Great Entry Point (Rating Upgrade)
Wealthfront: This Earnings Sell-Off Opens A Great Entry Point (Rating Upgrade)
Business
United Airlines CEO says big merger unlikely after American rebuff, asset buys possible

United Airlines CEO says big merger unlikely after American rebuff, asset buys possible
Business
Brazil’s Embraer sees eventual China breakthrough for E2 jets

Brazil’s Embraer sees eventual China breakthrough for E2 jets
Business
Virtus Large Cap Growth SMA Q1 2026 Commentary
Virtus Investment Partners provides investment management products and services to individuals and institutions. We operate a multi-manager asset management business, comprising a number of individual affiliated managers, each with a distinct investment style, autonomous investment process and individual brand. We clearly understand the responsibility we have to our clients and we are committed to their success as investors.
For important disclaimers, go to https://www.virtus.com/social-media-guidelines. Note: This account is not managed or monitored by Virtus, and any messages sent via Seeking Alpha will not receive a response. For inquiries or communication, please use the firm’s official channels.
Business
Israeli military police investigating soldier’s killing of 7-month-old Palestinian

Israeli military police investigating soldier’s killing of 7-month-old Palestinian
Business
Weitz Ultra Short Government Fund Q1 2026 Commentary (Mutual Fund:SAFEX)
Wally is the founder and President of Wallace R. Weitz & Company. Wally, a Chartered Financial Analyst, manages Hickory Fund and Partners III Opportunity Fund and co-manages Value Fund and Partners Value Fund.
Wally’s investment career began in 1961, at age 12, when he invested the profits from various entrepreneurial ventures. After going through a charting phase in high school, Wally discovered Benjamin Graham’s Security Analysis and was converted to value investing. After earning a B.A. in Economics at Carleton College in 1970, Wally spent three years in New York doing security analysis, primarily on the small companies in which G.A. Saxton made over-the-counter markets. In 1973 he joined Chiles, Heider & Co., a regional brokerage firm in Omaha, where he spent ten years as an analyst and portfolio manager. In 1983 he started Wallace R. Weitz & Company, and now heads a group of eight investment professionals that manages approximately $2 billion. Wally’s approach to value investing has evolved over the years. It combines Graham’s price sensitivity and insistence on a “margin of safety” with a conviction that qualitative factors that allow companies to have some control over their own destinies can be more important than statistical measurements, such as historical book value or reported earnings. Wally has the good fortune to be paid to pursue his favorite hobby, investing, but he also enjoys golf, skiing, tennis, reading, and working with charitable and educational foundations. Wally is on the Board of Trustees for Carleton College and serves on the Executive Committee of Building Bright Futures in Omaha.
-
Fashion2 days agoWeekend Open Thread: Evereve – Corporette.com
-
Business6 days agoJade Biosciences, Inc. (JBIO) Discusses Positive Interim Results From JADE101 Phase I Healthy Volunteer Study and Development Plans Transcript
-
Crypto World2 days ago
Jensen Huang Approves Samsung, SK Hynix, and Micron for NVIDIA (NVDA) HBM4 Memory Supply
-
Sports5 days agoFrench Open 2026 results: Alexander Zverev beats Rafael Jodar and will play Jakub Mensik in semi-finals
-
Tech5 days agoCryZENx Releases Fresh Playable Content Deep Inside Jabu-Jabu for His Ocarina of Time Remake
-
Business5 days agoTrump Taps Housing Chief Bill Pulte as Acting Intelligence Director After Gabbard Exit
-
Business18 hours agoThe Pain Points Taking a Fragile Tech Rally Down a Notch
-
Crypto World2 days ago
LBank Surpasses 25 Million Users Worldwide as AFA Partnership Continues to Drive Global Growth
-
NewsBeat5 days agoRepublicans balk at Trump’s attempt to appoint a MAGA enforcer to lead National Intelligence
-
Tech2 days agoRCS Messages Between iPhone and Android Get End-to-End Encryption With iOS 26.5
-
Crypto World5 days ago
Seagate (STX) Stock Surges to Record High on AI Boom and Legal Settlement
-
Tech2 days agoMicrosoft launches MXC, an OS-level sandbox for AI agents, with OpenAI and Nvidia already on board
-
Crypto World5 days agoEU AI Data Center Project Faces Delays as Funding Gaps Grow
-
Entertainment5 days agoDid The Mandalorian And Grogu Already Ruin The Next Star Wars Movie?
-
Tech2 days agoMeta steals a tactic from Tesla and builds data centers in tents
-
Business5 days agoAehr Test Systems Stock Soars 17% Amid Surging AI Demand and Conference Spotlight
-
Business5 days agoClaude AI Down Today Reason: Why Anthropic’s AI is not working today? What’s the latest quota update
-
Crypto World2 days ago
Merlin (MRLN) Stock Soars 32% on Major USSOCOM Autonomy Milestone
-
Business19 hours agoCryptos Could Be Casualties of SpaceX IPO as Bitcoin Hits Lowest Price Since 2024
-
Business5 days agoRelay Therapeutics Shares Surge 20% on ASCO Momentum for Zovegalisib Breast Cancer Program

You must be logged in to post a comment Login