Global oil prices forecast – Check today rate on 4 May 2026
Why this matters: local context for readers following news across Pakistan and the region.
US Treasury Secretary Scott Bassett forecasted a significant drop in oil prices, saying that energy costs is expected to fall substantially in the aftermath of the conflict in the Middle East. In an interview with a US television channel, Bassett highlighted that America’s energy exports are now at high levels, and the only constraint on further growth is infrastructure limitations. “The US is poised to be a major winner in global energy markets,” he said. Bassett also commented on maritime developments in the Strait of Hormuz, noting that he would not be surprised to see more ships passing through the passage. He suggested that Iran’s attempts to collect tolls on vessels are yielding limited benefits. Regarding diplomacy, Bassett stated that President Donald Trump’s upcoming meeting with China’s president is unlikely to bring any major changes. Oil Prices Today Oil prices slipped on Monday (4 May 2026) after US President Donald Trump announced plans to assist stranded ships in the Strait of Hormuz, though uncertainty over a US-Iran peace agreement kept crude above $100 a barrel. Brent crude dropped 64 cents, or 0.6%, to $107.53 per barrel by 2308 GMT, following a $2.23 decline on Friday. Meanwhile, U.S. West Texas Intermediate (WTI) fell 84 cents, or 0.8%, to $101.10 a barrel, after losing $3.13 in the previous session.