Oil Prices Drop Amid US-Iran Negotiations and Hormuz Tensions

Oil prices fell slightly on Friday as hopes for US-Iran negotiations and progress in the Strait of Hormuz led traders to reduce risk exposure ahead of the weekend. Despite the decline, the US benchmark crude still recorded an 8% weekly gain. Uncertainty over future supply and global energy flows has caused sharp price swings and low trading volumes.

By Rob Verdonck, Grant Smith and Mia Gindis Fri, May 1, 2026 at 10:33 PM GMT+3 4 min read · Yahoo Finance · May 1, 2026, 19:33 UTC

Tickers: $CVX $XOM

Topics: energy markets geopolitical tensions Hormuz Strait oil prices US-Iran negotiations

Read the full article at Yahoo Finance

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