{"id":100454,"date":"2026-05-06T11:30:14","date_gmt":"2026-05-06T11:30:14","guid":{"rendered":"https:\/\/www.europesays.com\/iran\/100454\/"},"modified":"2026-05-06T11:30:14","modified_gmt":"2026-05-06T11:30:14","slug":"oil-plummets-9-on-reports-of-deal-to-end-iran-war","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/iran\/100454\/","title":{"rendered":"Oil Plummets 9% on Reports of Deal to End Iran War"},"content":{"rendered":"

Oil prices<\/a> collapsed on Wednesday as markets continued to digest reports that the U.S. and Iran were discussing a one-page memorandum<\/a> designed to pause the conflict and create a framework for broader negotiations. <\/p>\n

Brent crude was down 8.58%, to trade at $100.4 per barrel on Wednesday at 6:40 a.m. ET, while WTI was down 9.82%, to trade at $92.23.<\/p>\n

Markets are now effectively betting that Washington cannot sustain an open-ended confrontation with Iran if elevated oil prices continue spilling deeper into consumer prices, credit markets and transportation costs.<\/p>\n

Earlier on Wednesday, Iran said it would only accept \u201ca fair and comprehensive agreement\u201d in talks with the United States over ending the conflict in the Middle East, Iranian Foreign Minister Abbas Araghchi said<\/a> during a visit to China.\u00a0<\/p>\n

After one round of talks mediated by Pakistan early into the conflict, the U.S. and Iran have failed to set up further meetings as both sides have been digging in on their respective positions.\u00a0<\/p>\n

Set OilPrice.com as a preferred source in Google here<\/a>.<\/p>\n

\u00a0Tensions re-escalated early this week after U.S. President Donald Trump announced \u2018Project Freedom<\/a>\u2019, an effort to help guide vessels out of the Strait of Hormuz. Iran, for its part, announced an expanded area around the Strait of Hormuz it now claims it controls and attacked an oil port in the United Arab Emirates.\u00a0<\/p>\n

\u00a0Only three days into the Project Freedom endeavor, President Trump late on Tuesday called off the effort, saying in a social media post<\/a> that \u201cGreat Progress has been made toward a Complete and Final Agreement with Representatives of Iran.\u201d\u00a0<\/p>\n

\u00a0\u201cBased on the request of Pakistan and other Countries, the tremendous Military Success that we have had during the Campaign against the Country of Iran and, additionally, the fact that Great Progress has been made toward a Complete and Final Agreement with Representatives of Iran, we have mutually agreed that, while the Blockade will remain in full force and effect, Project Freedom (The Movement of Ships through the Strait of Hormuz) will be paused for a short period of time to see whether or not the Agreement can be finalized and signed,\u201d President Trump posted.\u00a0<\/p>\n

\u00a0Iran\u2019s Araghchi said on Wednesday, without directly referring to President Trump\u2019s latest remarks, that \u201cWe will do our best to protect our legitimate rights and interests in the negotiations,\u201d and \u201cWe only accept a fair and comprehensive agreement.\u201d\u00a0<\/p>\n

\u00a0On Tuesday, Araghchi posted on X<\/a> that \u201cEvents in Hormuz make clear that there’s no military solution to a political crisis. As talks are making progress with Pakistan’s gracious effort, the U.S. should be wary of being dragged back into a quagmire by ill-wishers. So should the UAE.\u201d\u00a0<\/p>\n

\u201cProject Freedom is Project Deadlock,\u201d Araghchi said on Tuesday.\u00a0<\/p>\n

By Charles Kennedy for Oilprice.com<\/a>\u00a0<\/p>\n

More Top Reads From Oilprice.com<\/p>\n","protected":false},"excerpt":{"rendered":"Oil prices collapsed on Wednesday as markets continued to digest reports that the U.S. and Iran were discussing…\n","protected":false},"author":2,"featured_media":100455,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[211,1872,23688,38,2276,34,261,1873,33820,101,14198,7476],"class_list":{"0":"post-100454","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-iran","8":"tag-abbas-araghchi","9":"tag-brent-crude","10":"tag-ceasefire-negotiations","11":"tag-donald-trump","12":"tag-energy-markets","13":"tag-iran","14":"tag-oil-prices","15":"tag-opec","16":"tag-project-freedom","17":"tag-strait-of-hormuz","18":"tag-u-s-iran-war","19":"tag-wti"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@iran\/116527407298586567","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts\/100454","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/comments?post=100454"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts\/100454\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/media\/100455"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/media?parent=100454"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/categories?post=100454"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/tags?post=100454"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}