Brent crude oil fell 4.3% to $96.96 per barrel on May 7, 2026, during volatile trading, as renewed hopes of a U.S.-Iran peace deal emerged, according to market analysts. The benchmark slipped $4.31 from its May 6 close, with intraday fluctuations of up to 4.6%, exchange data showed. Shipping giant Maersk warned that even if a peace agreement were reached soon, high energy costs would persist due to structural supply constraints. Market Details Brent crude futures traded in an unsettled session on May 7, with prices fluctuating as much as 4.6% from the previous day’s close, according to exchange data.…
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