US-IranMěi-Yī美伊approaching / nearingjiējìn接近frameworkkuàngjià框架agreement / dealxiéyì协议，internationalguójì国际oil priceyóujià油价consecutively / in a rowliánxù连续two daysliǎng rì两日to fall sharply / to plungedàdiē大跌。
May 6, 2026 at 12:10 PM
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BusinessOil Prices Plunge for Second Straight Day as US and Iran Near Framework Deal
US Secretary of State Rubio announced the offensive phase of the US-Iran war has concluded, and both sides are negotiating a ceasefire agreement. Brent crude prices fell to two-week lows as a result.
US Secretary of State Rubio announced that the US-Iran conflict offensive phase has ended.
Trump stated that progress toward a final agreement with Iran is encouraging.
According to reporting from Axios, Washington believes that a framework agreement is nearly reached.
Influenced by this news, Brent crude oil futures fell 6.1%, reaching 103.17 US dollars per barrel.
On the same day, US WTI light crude oil declined 6.6%, reaching 95.50 US dollars per barrel.
Oil prices trended lower for two consecutive days, as the market expects Middle East geopolitical risks to gradually diminish.
The Strait of Hormuz is a critical global energy transport corridor that faced blockade threats during the conflict.
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