Crude Oil Falls Over 7% This Week Amid U.S.-Iran Talks, Downside Limited

GateNews

2026-05-08 11:07:53

According to Commerzbank analysts, crude oil prices remained range-bound this week as traders await developments in U.S.-Iran peace negotiations, following recent military exchanges that heightened concerns over the fragile ceasefire. The bank noted that even if an agreement is reached, oil price declines may be limited due to fundamental instability in the region and gradual recovery of production and exports. The Strait of Hormuz remains a key bottleneck in the near term, supporting a risk premium. Both major crude benchmarks are expected to record declines exceeding 7% for the week.

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