Oil Starts To Get Cheaper In Anticipation Of Iran-US Talks

Investors are counting on a compromise.

On the afternoon of May 1, May futures of benchmark Brent crude fell 2% to about $107 per barrel, according to trading data on the website of the London-based ICE Futures exchange.

At around 2 p.m., oil with a delivery date of May 2026 fell in price to almost $106 per barrel, but over the next few hours gained back almost $1.5.

According to Reuters, the drop in value was caused by Iran's new offer to negotiate with the United States.

"This Iranian offer has given the market hope that there is a way out for the United States," said Price Futures Group senior analyst Phil Flynn.

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