Oil Price Today (May 7): Crude oil reclaims $100, snaps two-day losing streak. Here’s why

May 7, 2026

Oil prices rebounded on Thursday, recovering from a significant prior fall as investors assessed mixed signals regarding Iran-U.S. relations. While reports suggested a potential agreement to end the conflict, President Trump issued a stark warning of intensified bombing if Iran rejects a peace deal, highlighting the precarious state of negotiations.

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