Oil Pulls Back From Record Highs — Brent ~$109.95, WTI ~$102.45 as WPR Ceasefire Argument Eases Escalation Fears

Oil markets pulled back significantly on May 1, 2026 — Day 63 — as the Trump administration's declaration that the Iran war had been 'terminated' and its claim that the April 8 ceasefire paused the War Powers Resolution clock provided some temporary relief from escalation fears that had briefly driven Brent crude to $126 per barrel on April 30. Brent crude fell to approximately $109.95 per barrel — down about $16 from the previous day's record peak — while West Texas Intermediate declined more than 2% to approximately $102.45 per barrel. CNBC attributed the pullback to reduced near-term escalation risk as the WPR deadline passed without immediate new US military action, though analysts cautioned that the underlying conflict and dual blockade dynamics had not fundamentally changed. Iran's submission of a new peace proposal to Pakistani mediators added to cautious optimism in energy markets. However, Hormuz remained effectively closed to normal commercial tanker traffic, with only a fraction of normal vessel transits occurring. Analysts noted that even $110 Brent represented a 40%+ surge from pre-conflict levels and was still consistent with ongoing global energy supply disruption. US average gasoline prices remained near $4.30 per gallon at the national level.