In an apparent response to President Donald Trump's move to suspend "Project Freedom" citing progress in diplomatic talks with Iran to end the Middle East war, oil prices fell sharply Wednesday.
Brent crude fell below the $100 mark, and was trading below $98 a barrel after falling by nearly 11 percent while the US-traded WTI dropped by 11.42 percent to $90.
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Political News
May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.