Brent crude falls below $100 as Asian markets surge
Updated
Updated · Euronews · May 7
Brent crude falls below $100 as Asian markets surge
6 articles · Updated · Euronews · May 7
Brent traded at about $99.7 and WTI at $93.6, while Tokyo’s Nikkei 225 jumped 5.7% to a record intraday high on hopes of a US-Iran Hormuz agreement.
European shares opened higher but were mostly flat, and US futures rose after Trump said a breakthrough was close, though a US strike on an Iranian tanker in the Gulf of Oman showed tensions persisted.
The strait’s effective closure has disrupted global oil flows, stoked inflation and lifted energy costs, while strong US earnings and AI-linked tech gains helped drive broader equity rallies.
With military strikes ongoing, how fragile is the peace deal for the world's most critical oil chokepoint?
As the Hormuz crisis cools, is the AI boom creating a new, more permanent energy crisis?
The market sees AI as both a miracle and a menace. Which one will ultimately define our economic future?
Strait of Hormuz Closure Causes 15% Global Oil Supply Shortfall and Market Turmoil in 2026
Overview
On May 6, 2026, global oil prices sharply dropped as optimism grew around a near-agreement between the U.S. and Iran to reopen the Strait of Hormuz, a critical chokepoint that had been nearly closed due to conflict since February, causing a 15% global oil supply shortfall and soaring prices. The U.S. also paused its naval escort program, easing tensions. Despite this, skepticism remained due to Iran's public rejection of the deal and ongoing logistical and security challenges delaying full oil flow restoration until mid-2026. This fragile progress triggered a swift market rotation from energy stocks to broader equities, reflecting cautious hope amid persistent geopolitical risks.