Oil prices fall sharply on report U.S. and Iran closing in on a deal to end war

Oil prices fell after Trump said the U.S. would pause its naval escort endeavor in the Strait of Hormuz, raising hopes of a potential deal with Iran.

By · May 6, 2026 · 1 min read

This article was originally published by CNBC Top News and is republished here under license.

Oil prices fell after Trump said the U.S. would pause its naval escort endeavor in the Strait of Hormuz, raising hopes of a potential deal with Iran.

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