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May 7, 2026

Oil prices sink and stocks leap worldwide on Strait of Hormuz hopes

By STAN CHOE
AP Business Writer

NEW YORK — Oil prices sank Wednesday, and stock markets rallied worldwide with hopes that the United States and Iran are nearing a deal to allow ships to deliver crude from the Persian Gulf once again to their customers.

The price for a barrel of Brent crude oil, the international standard, fell 7.8% to $101.27, down from more than $115 early this week. It dropped as President Donald Trump said the Strait of Hormuz could be “OPEN TO ALL” if Iran accepts a reported agreement that the U.S. president did not detail.


 
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