{"id":12577,"date":"2026-05-06T11:17:02","date_gmt":"2026-05-06T11:17:02","guid":{"rendered":"https:\/\/wpinitiate.com\/echo-test\/demo973e36f5\/2026\/05\/06\/live-updates-oil-prices-drop-after-trump-hails-great-progress-in-iran-talks-cnn\/"},"modified":"2026-05-06T11:17:02","modified_gmt":"2026-05-06T11:17:02","slug":"live-updates-oil-prices-drop-after-trump-hails-great-progress-in-iran-talks-cnn","status":"publish","type":"post","link":"https:\/\/wpinitiate.com\/echo-test\/demo973e36f5\/2026\/05\/06\/live-updates-oil-prices-drop-after-trump-hails-great-progress-in-iran-talks-cnn\/","title":{"rendered":"Live updates: Oil prices drop after Trump hails \u2018great progress\u2019 in Iran talks – CNN"},"content":{"rendered":"
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\u2022 Source: CNN<\/a> <\/span>” data-fave-thumbnails=”{“big”: { “uri”: “https:\/\/media.cnn.com\/api\/v1\/images\/stellar\/prod\/thumb-22599892-7452-876-thumb.jpg?c=16×9&q=h_540,w_960,c_fill” }, “small”: { “uri”: “https:\/\/media.cnn.com\/api\/v1\/images\/stellar\/prod\/thumb-22599892-7452-876-thumb.jpg?c=16×9&q=h_540,w_960,c_fill” } }” data-vr-video=”false” data-show-html=”” data-byline-html=”<\/p>\n
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Updated 7:17 AM EDT, Wed May 6, 2026 <\/div>\n

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Negotiators trying to narrow down issues dividing the US and Iran <\/p>\n

3:05 <\/span> \u2022 Source: CNN<\/a> <\/span> <\/p>\n<\/p><\/div>\n

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Negotiators trying to narrow down issues dividing the US and Iran<\/p>\n<\/p><\/div>\n

3:05 <\/span> <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n

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\u2022 \u201cProject Freedom\u201d paused: <\/strong>President Donald Trump said the US will pause its effort to guide vessels through the Strait of Hormuz, but will maintain its blockade of Iranian ports. Iranian state media characterized the move as a \u201cUS failure,\u201d but oil prices dropped as Trump said \u201cgreat progress had been made in talks with Iran<\/a>. <\/p>\n

\u2022 China\u2019s role: <\/strong>Iran\u2019s top diplomat is in Beijing<\/a> for the first face-to-face meeting of the two allies\u2019 foreign ministers since the war began. China, a close partner of Iran and the biggest buyer of Tehran\u2019s crude oil<\/a>, has called for an end to the conflict. Trump will meet Chinese leader Xi Jinping in Beijing next week. <\/p>\n

\u2022 Ceasefire in Lebanon: <\/strong>Israeli strikes were reported across southern Lebanon, and Hezbollah claimed it had launched 18 separate attacks on Israeli forces in the past day, the most since the truce began<\/a>. The fragile ceasefire in Lebanon is a key sticking point in US-Iran peace negotiations. <\/p>\n<\/p><\/div>\n<\/p><\/div>\n

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Oil prices are tumbling and stock markets rallying today on renewed hopes for a US-Iran settlement after President Donald Trump hailed \u201cgreat progress\u201d in diplomatic talks with Iran. <\/p>\n

Brent crude, the global oil benchmark, slid 8% to $101 a barrel. WTI, the US benchmark, plunged 9.2% to $92.8 a barrel. <\/p>\n

Meanwhile, S&P 500, Dow and Nasdaq futures all point to a stronger market open, following gains yesterday that took the S&P 500 to a fresh record at the close. In Europe, London\u2019s FTSE 100, Germany\u2019s DAX and the CAC 40 in Paris are up more than 2%. <\/p>\n

Those rises follow solid gains in Asia, where major indexes closed higher across the board. South Korea\u2019s Kospi jumped 6.45%, driven higher by Samsung\u2019s 14.4% gain, which took the smartphone maker\u2019s market value above $1 trillion for the first time. <\/p>\n

The renewed focus on diplomacy comes after Trump paused his plan to guide ships through the blocked Strait of Hormuz \u2014 a measure that Tehran had responded to with renewed attacks, including on Gulf energy infrastructure. <\/p>\n

\u201cThe prospect of a permanent peace deal remains highly uncertain, however, and oil looks set to remain very volatile,\u201d said analysts at ING. <\/p>\n<\/p><\/div>\n

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US gas prices jumped up to an average of $4.54 for a gallon of regular in in the latest AAA reading, up more than 5 cents from Tuesday. That marks the highest national average price for gas since July 2022. <\/p>\n

Gas has risen 30 cents over the past week and now up 52% since the start of the war in Iran. Prices are rapidly approaching the all-time record of $5.02 set in 2022. <\/p>\n

There could be some relief on the way. Oil futures were sharply lower<\/a> in trading Wednesday, after after US President Donald Trump said there had been \u201cgreat progress\u201d in diplomatic talks<\/strong><\/a> with Iran. <\/p>\n

But oil and gas prices have, at times, fallen sharply in recent weeks as traders grew optimistic about peace negotiations with Iran. But those declines have proven to be short-lived. <\/p>\n<\/p><\/div>\n

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China is one of very few countries with leverage to reopen the Strait of Hormuz from Iran, but may also have an interest \u201cin seeing the US sink deeper,\u201d according to a Middle East expert. <\/p>\n

\u201cThe Chinese could\u2026 play an important role through leverage that they hold over Iran, not only as Iran\u2019s principal customer of oil but also as one of the two nations that shield Iran at the UN Security Council,\u201d said Hasan AlHasan from the International Institute for Strategic Studies. <\/p>\n

His comments follow Iranian Foreign Minister Abbas Araghchi\u2019s visit to Beijing today, one week before US President Donald Trump\u2019s planned arrival to meet President Xi Jinping. <\/p>\n

China\u2019s Foreign Minister Wang Yi affirmed China\u2019s belief in Iran\u2019s right to pursue nuclear energy, while also advocating for a ceasefire during their first face-to-face talks<\/a> with Araghchi. <\/p>\n

Sources familiar with the matter said the US war with Iran has potentially strengthened Beijing\u2019s negotiation position<\/a> over Washington. <\/p>\n

Some context:<\/strong> Russia and China vetoed a UN Security Council draft resolution aimed at securing freedom of navigation in the Strait of Hormuz earlier in April. <\/p>\n

CNN\u2019s Max Feliu contributed to this report.<\/em> <\/p>\n<\/p><\/div>\n

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Hezbollah leader Naim Qassem said on Monday that “there is no ceasefire in Lebanon, but rather ongoing Israeli American aggression,” as the Iran-backed group trades fire with Israeli forces despite the shaky ceasefire. CNN’s Jeremy Diamond has the latest. <\/p>\n

” data-duration=”02:50″ data-source-html=” \u2022 Source: CNN<\/a> <\/span>” data-fave-thumbnails=”{“big”: { “uri”: “https:\/\/media.cnn.com\/api\/v1\/images\/stellar\/prod\/2a-thumbnail-2-reuters-20260506070520171.png?c=16×9&q=h_540,w_960,c_fill” }, “small”: { “uri”: “https:\/\/media.cnn.com\/api\/v1\/images\/stellar\/prod\/2a-thumbnail-2-reuters-20260506070520171.png?c=16×9&q=h_540,w_960,c_fill” } }” data-vr-video=”false” data-show-html=”Newsroom<\/a>” data-byline-html=”<\/p>\n

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\"Rosemary <\/a> \"Jeremy <\/a> <\/div>\n
By Rosemary Church<\/span><\/a> and Jeremy Diamond<\/span><\/a>, CNN <\/div>\n<\/p><\/div>\n

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Updated 7:17 AM EDT, Wed May 6, 2026 <\/div>\n

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Hezbollah leader Naim Qassem said on Monday that “there is no ceasefire in Lebanon, but rather ongoing Israeli American aggression,” as the Iran-backed group trades fire with Israeli forces despite the shaky ceasefire. CNN’s Jeremy Diamond has the latest. <\/p>\n

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Hezbollah leader Naim Qassem said on Monday that “there is no ceasefire in Lebanon, but rather ongoing Israeli American aggression,” as the Iran-backed group trades fire with Israeli forces despite the shaky ceasefire. CNN’s Jeremy Diamond has the latest. <\/p>\n

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“There is no ceasefire in Lebanon,” Hezbollah chief says <\/p>\n

2:50 <\/span> \u2022 Source: CNN<\/a> <\/span> <\/p>\n<\/p><\/div>\n

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“There is no ceasefire in Lebanon,” Hezbollah chief says<\/p>\n<\/p><\/div>\n

2:50 <\/span> <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n

President Donald Trump said the US will temporarily pause<\/a> its operation to guide ships through the Strait of Hormuz, saying \u201cgreat progress\u201d has been made in peace talks with Iran. <\/p>\n

Iran touted the \u201cUS failure to achieve its objectives in the so-called \u2018Freedom Project\u2019\u201d in a statement on INSA, a state-run media outlet. <\/p>\n

If you\u2019re just joining us, here\u2019s what else has been going on in the region:<\/em> <\/p>\n

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