Crude oil prices plunged heavily on Wednesday amidst reports that a deal between the U.S. and Iran is nearing agreement. The massive decline in crude oil prices also followed key announcements regarding the U.S. temporarily halting Project Freedom aimed at guiding commercial vessels through the Strait of Hormuz and ending Epic Fury, the combat operations against Iran. Both Brent and WTI crude oil price benchmarks are currently trading more than 6 percent lower on an overnight basis.
Brent Oil Futures for July settlement are currently trading at $102.64, plunging 6.6 percent from the previous close of $109.87. In the day's trading, Brent ranged between $96.77 and $110.84. The 52-week trading ranged between $58.72 and $126.41.
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Market Analysis
May 01, 2026 15:54 ET Central banks dominated the economics news flow this week with almost all major ones announcing their latest policy decisions and many boosted expectations for a rate hike in June. In other news, several countries released the preliminary data for first quarter economic growth. In the U.S., comments by Fed Chair Jerome Powell were also in focus as his term ends this month.