BackIran deal optimism pushes oil price down; anger as Shell’s profits more than double – business live

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Guardian Business07.05.2026BusinessUnited Kingdom

Iran deal optimism pushes oil price down; anger as Shell’s profits more than double – business live

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Rolling coverage of the latest economic and financial newsClimate campaigners attack Shell over ‘windfall’ profits from Iran warThe Brent crude oil price is dropping this morning, towards the two-week lows hit yesterday.Brent is down around 3% at $98.30 a barrel, back below the $100 a dollar mark, following Donald Trump’s claim that it’s “very possible” will agree a peace deal.Oil fell sharply on Wednesday as markets priced a lower risk of prolonged disruption in the Strait of Hormuz, after the US reportedly sent a one-page proposal through Pakistan aimed at ending the conflict and gradually reopening the waterway. Iran is expected to respond in the coming days, with nuclear talks likely to follow later. Continue reading...

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