Global Oil Prices Fall Amid Easing US-Iran Tensions

Global oil prices experienced a sharp decline following reports of easing tensions between the United States and Iran, leading to hopes for fuel price rollbacks in countries like the Philippines.

7 May, 08:21 — 7 May, 08:21

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OIL PRICE WATCH as of May 7, 2026

MANILA, Philippines – Hopes for another rollback in local fuel prices rose Thursday after global oil prices tumbled amid easing tensions between the United States and Iran. World oil markets dropped sharply after US President Donald Trump said a possible deal with Iran was “very possible,” raising optimism that the conflict in the Middle East

By Dona Policar

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Global Oil Prices Fall Amid Easing US-Iran Tensions

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OIL PRICE WATCH as of May 7, 2026

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