On May 6, 2023, crude oil prices experienced a decline for the second straight day, with Brent crude futures decreasing by 1.38% to $108.35 per barrel. This drop follows US President Donald Trump's indication of a possible peace deal with Iran, which could lead to a return of constrained supply from the Middle East. The West Texas Intermediate crude also saw a decline of 1.47%, settling at $100.77 per barrel. The market's reaction is influenced by geopolitical tensions in the Strait of Hormuz, a vital corridor for global oil transport, where disruptions have tightened inventories. Trump's announcement of a temporary pause in military operations aimed at escorting ships through the Strait was seen as a positive step towards negotiations, although he maintained that the blockade on Iranian ports would continue. The Multi Commodity Exchange (MCX) reported a similar trend, with crude oil prices falling 1.52% to ₹9,551 per barrel, reflecting global market movements.