OMG is peace about to break out in the Middle East?

I always hated this song.

Stock Market Today: Oil Tumbles on Mideast Optimism

Global stocks rally, Brent crude futures drop below $100 a barrel

By Rebecca Feng, WSJ

May 6, 2026

Markets are welcoming signs of de-escalation between the U.S. and Iran.

Oil prices are sliding after Axios reported that the two countries were close to an agreement. Hours earlier, President Trump paused “Project Freedom,” his push to reopen the Strait of Hormuz, to see whether a deal could be worked out, citing “great progress.”

Brent crude futures have dropped below $100 a barrel, accelerating an earlier decline. The recent drop in oil prices isn’t translating to any relief at the pump for Americans, though: The average price of a gallon of regular gasoline ticked up to $4.54 a gallon today, compared with less than $3 when the war started, AAA figures show.

U.S. stocks are poised to open sharply higher, powered by optimism that a negotiated end to the Middle East war can be reached and a global tech-led rally that looks set to extend today.

The mood is buoyant overseas too, with Asian markets notching gains and European stocks rallying.

—By Rebecca Feng