Market Whiplash: Oil Sinks to $88, Then Spikes as Iran Claims Control of Hormuz

06-May-2026 Bitcoin.com

The two international crude benchmarks recovered after falling hard in the early morning when President Trump reiterated that his Administration was nearing a peace agreement with Iran. The catalyst? The alleged establishment of the “Persian Gulf Strait Authority” to oversee Hormuz’s transit. Oil Prices Bounce After Iran Establishes New Persian Gulf Strait Authority Oil prices […]

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