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Oil Price Today (May 6): Crude oil falls below $110, down 6% in just two sessions. What’s behind the dip?

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Oil Price Today (May 6): Crude oil falls below $110, down 6% in just two sessions. What’s behind the dip?
Oil prices declined for a second straight day on Wednesday as hopes grew that disrupted supplies from the Middle East could return if a potential U.S.–Iran peace agreement materialises. This followed comments from U.S. President Donald Trump hinted at progress toward ending the conflict.

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.

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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)

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UPS: 6% Dividend Yield And Undervalued Shares, A Non-Tech Leader

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UPS: 6% Dividend Yield And Undervalued Shares, A Non-Tech Leader

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The Pain Points Taking a Fragile Tech Rally Down a Notch

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Jack Pitcher hedcut

AI chip player Broadcom gave a forecast late Wednesday for current-quarter AI revenue that fell below analysts’ forecasts. That spooked investors even though there wasn’t a particularly worrying explanation for it.

Then came an unexpectedly good jobs report for May. A healthier labor market could lead the Federal Reserve to keep interest rates elevated to combat inflation. Indeed, investors on Friday were pricing in an around 50% chance that the Fed could hike in October, up from a less than 20% chance a month ago. Higher rates wouldn’t be good for tech stocks that thrive when money flows freely through the economy.

Investors are also getting ready to put money into SpaceX ahead of its expected IPO next week. They are most likely to sell the so-called Magnificent Seven stocks, a group of big tech names, to rotate into SpaceX, Jefferies analysts said in a note.

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David Uberti hedcut

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Vertiv, which helps data centers manage power and cooling systems, skidded nearly 9% lower.

Neocloud companies including CoreWeave, Core Scientific and Nebius, which lease computing capacity to larger players, are deep in the red.

Independent power producers such as Constellation Energy and Talen are also down.

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Oil Falls As Market Holds Out Hope for End to Conflict

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Oil Falls As Market Holds Out Hope for End to Conflict

1502 ET – Crude futures settle lower with market expectations of a resolution to the U.S.-Iran conflict outweighing concerns of a renewed flare-up. “The oil market has definitely gotten the sense that President Trump wants this thing over,” says John Kilduff of Again Capital. Fears are increasing that the U.S. will “agree to anything to get it over with for a while so these prices can really come back down,” he adds. The trickle of tankers making it through the Strait of Hormuz isn’t resolving the problem and the market has been relying on storage, but stocks are running down as the strait remains effectively closed, Kilduff says. “The cliff in my opinion is in the beginning of July. That’s when the real crunch should dawn.” WTI ends down 2.7% at $90.54 a barrel and Brent falls 2% to $93.09. (anthony.harrup@wsj.com)

Crude Futures Slip Ahead of the Weekend

0929 ET – Oil futures are lower heading into the weekend as the market holds out hopes for U.S.-Iran negotiations to eventually bring about an agreement to reopen the Strait of Hormuz. The market appears more sensitive to occasional bearish war headlines or optimistic comments from President Trump than to the daily loss of supply, Ritterbusch & Associates says in a note. “Holding a long position that would be more appropriate to global oil fundamentals has been extremely difficult throughout the course of this war.” WTI is down 0.9% at $92.23 and Brent is off 0.6% at $94.49(anthony.harrup@wsj.com)

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Many Americans dream of an early retirement, but for some, it is an unhappy circumstance forced on them. A new survey from Allianz Life found that 42% of Americans retire earlier than they anticipate, and the reasons are usually beyond their control. Only 21% of those who retired early said they did so because they had saved enough money. Others cited health issues or job loss as reasons.

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