Global oil prices dropped sharply on May 7, 2026, after US President Donald Trump said a deal with Iran was very possible, sparking optimism for lower pump prices in the Philippines.
Brent crude, the international benchmark, plunged during trading and briefly fell below 100 dollars per barrel before settling at 101.27 dollars, a decline of 7.8 percent.
The sharp fall followed Trump's remarks that a possible agreement with Iran was very possible, easing concerns over conflict in the Middle East.
In Manila, the drop raised hopes that Filipino motorists could see another rollback in local fuel prices if the trend holds in coming days.
Fuel prices for next week show a mixed picture, with diesel tracking toward a possible rollback while gasoline may rise again. April inflation reached 7.2 percent, its fastest pace since March 2023, driven in part by transport costs that surged 21.4 percent.
