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Oil News: Oil Futures Caught Between Iran Peace Deal Hope and Hormuz Crude Oil Supply Disruption

By
James Hyerczyk
Published: Apr 6, 2026, 11:52 GMT+00:00

WTI crude oil futures retreated from $115.48 as Iran peace talks pressured prices, but the Strait of Hormuz closure keeps the bullish oil outlook intact.

Peace Headlines Pressure Oil Prices

May WTI crude oil futures are edging lower on Monday after giving back earlier gains. On Sunday night, in pre-market trading, the market opened higher and extended its gains to a multi-year high at $115.48 before turning down. The price action indicates a cautious trade with some bulls reluctant to take on new positions this close to President Trump’s Tuesday ultimatum and while peace negotiations are taking place.