Crude oil prices have surged on Monday after the U.S. rejected Iran's proposal to end the war. In addition, oil prices gained support from reports suggesting a rapid depletion in crude oil inventories due to the U.S.-Iran war.
WTI Crude Oil for June month delivery was last seen trading up by $3.33 (or 3.49%) at $98.75 per barrel.
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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.