Oil Prices Whipsaw as U.S.-Iran Conflict Shakes Markets

Crude oil prices experienced one of the most volatile trading weeks of 2026 during the period of May 3 through May 7, as traders reacted to the ongoing U. S. -Iran conflict, disruptions in the Strait of Hormuz, and sudden changes in diplomatic negotiations.

June West Texas Intermediate (WTI) crude futures swung violently between a high of $107. 46 and a low of $88. 66 before stabilizing near $97 a barrel by the end of the week. The sharp price swings reflected how sensitive the market remains to supply disruptions and geopolitical headlines.