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 may not escalate further. AFP reported that international benchmark Brent crude plunged by double digits during trading, briefly falling below $100 per barrel before settling at $101.27, down 7.8 percent. The sharp decline in global oil prices sparked optimism that Filipino motorists could soon see […]... Keep on reading: OIL PRICE WATCH as of May 7, 2026

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