Iran Negotiations Progress; Brent Crude Falls to $106.52 as Risk Premium Eases

President Trump signaled movement toward an agreement with Iran, while Iranian officials indicated they are reviewing Washington's proposal. On May 6, Brent crude declined $10.03 from the previous day to $106.52 per barrel. With six OPEC members—Iraq, Saudi Arabia, and the UAE among them—maintaining 7.5 million barrels per day of shutins since March and Strait of Hormuz flows constrained, peace optimism has partially offset the risk premium.