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Wed, 06 May 2026

Wed, 06 May 2026 Oil prices ease as US pauses Project Freedom to seek deal with Iran

President Donald Trump raised hopes of an agreement between the US and Iran after days of escalation.

* Oil prices fell by 1.7% in Asia on Wednesday, with Brent crude at $108 (£79.56) a barrel and US-traded oil at $100.60.
* The decline came after US President Donald Trump said the US would pause its operation to guide ships through the Strait of Hormuz to see if a deal could be made with Iran.
* Trump's statement raised hopes for an agreement to end the war, which has driven up global energy prices since Tehran threatened to attack ships crossing the strait.
* The price of oil jumped by more than 6% earlier in the week as attacks across the Middle East intensified, but has since gradually eased.
* About a fifth of global oil and gas shipments cross the Strait of Hormuz, making it a key point of contention in the conflict between the US and Iran.