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Cautious stability after a sharp decline.. Oil markets are awaiting negotiations over the Strait of Hormuz.

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Witer 1
5/08/2026 | 10:04 PM

U.S. West Texas Intermediate crude oil futures fell today, Wednesday, by 55 cents, or 0.73%, to settle at $75.22 per barrel.

This slight decline came at the end of the session following a period of volatility in the markets, where prices remained relatively stable compared to the sharp drop experienced in the previous two sessions, which exceeded 5%.

This cautious stability amid downward pressures is due to traders monitoring the ongoing negotiations regarding easing tensions and the fate of shipping in the Strait of Hormuz, along with the release of weekly data from the U.S. Energy Information Administration regarding inventories.