Oil prices ticked higher on Friday after the U.S. and Iran traded fire in the Strait of Hormuz and accused each other of carrying out attacks in the sharpest confrontation since the fragile U.S.-Iran ceasefire came into effect on April 7.
Brent crude futures for July delivery were little changed at $99.95 a barrel in choppy trade while WTI crude futures for June delivery were down half a percent at $94.38.
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Market Analysis
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.