Global oil markets experienced a dramatic selloff on May 6, 2026, with West Texas Intermediate (WTI) crude plunging 9.00% to $94.21 per barrel and Brent crude collapsing below the $100 threshold for the first time since April 27. The intraday decline in Brent reached 8.1%, settling at $99.80, after falling as low as below $101 and marking one of the sharpest single-session drops in weeks.
The rout was triggered by a confluence of bearish factors. A strengthening U.S. dollar made dollar-denominated commodities more expensive, while growing fears of a global economic slowdown – fueled by aggressive central bank rate hikes – dampened demand expectations. Added pressure came from signals of increased supply from key OPEC+ members and easing supply chain bottlenecks, alongside profit-taking after prior rallies.
The break below $100 for Brent is psychologically crucial, shattering a widely watched support level and erasing gains from the past several weeks. For consumers, the decline could offer eventual relief at the pump, but it injects fresh uncertainty for energy producers and broader financial markets. Analysts now eye the $98 support level for Brent and await cues from the Federal Reserve’s next policy meeting, upcoming OPEC+ decisions, and inventory data from the U.S. Energy Information Administration. The selloff underscores extreme volatility in energy markets and the sensitivity of prices to macro and geopolitical signals.
