Global stock markets hit record highs after reports of a possible peace agreement between the US and Iran. On hopes of a de‑escalation, crude oil prices for Brent and WTI plunged sharply.

US stock indices S&P 500 and Nasdaq set new intraday records on May 7, 2026, reaching 7,365.12 and 25,838.94, respectively. Bullish momentum was also seen across the Asia‑Pacific: Japan’s Nikkei 225 topped 62,000 for the first time in its trading history, and South Korea’s KOSPI posted a new all‑time high. Investors moved back into risk assets in the hope that trade relations will get back on track and geopolitical tensions will ebb away.  

At the same time, US crude WTI fell below the psychological $100 mark for the first time since April 28, 2026, closing at $95.08 per barrel. The international benchmark Brent plunged nearly 8% to $101.27 per barrel. Energy prices fell as the market priced in a near‑term restoration of maritime security and the end of blockades at key shipping chokepoints in the Persian Gulf.

Despite market optimism, the economies of Europe and Asia are still suffering from a protracted energy crisis and jet‑fuel shortages. Analytics firm Kpler recorded a 30% year‑on‑year slump in global jet fuel exports in April, totalling just 1.3 million barrels per day. The dramatic decline in shipments from Middle East terminals keeps pressure on the global aviation industry and limits the pace of recovery in air freight.