Oil Rally Stalls as Iran Proposal Triggers Profit-Taking

Oil prices head for a weekly close below $110 after wild swings, as Iran’s negotiation proposal cools markets while uncertainty over Trump’s war-powers deadline keeps traders on edge. Friday, May 01, 2026 Oil prices are set to close this week below $110 per barrel, marking a week of extreme volatility as Brent’s June contract hit $126 per barrel on Thursday. Iran’s latest proposal for negotiations, sent to the Trump administration via Pakistani mediators, has been the main cause for bearishness. The US President is only…