Thursday, May 7, 2026…4:10 PM ET
[4:00 PM ET closing prices for stocks; 3:50ish for commodities and bonds.]
Tale of the Tape at the gas pump, nationwide averages, courtesy of AAA.
Fri. Feb. 27…regular gas $2.98…diesel $3.75
Thurs., May 7…reg. $4.55…diesel $5.67
‘Regular’ is up 53 cents in the past 15 days.
As of this afternoon, Iran had still not responded to the U.S. proposal to reopen the Strait of Hormuz and end the war, with tensions still high in the Persian Gulf and in Lebanon.
Iran’s leaders are yet to indicate whether they’ll accept the terms of the deal, though they’ve previously shown little sign of yielding on their nuclear program and accepting a moratorium on enriching uranium, which the U.S. is calling for.
Iran’s President Masoud Pezeshkian recently met with Supreme Leader Ayatollah Mojtaba Khamenei for nearly two and a half hours, the state-owned Mizan news agency reported Thursday, without saying what the talks were about or when they were held.
Iran is expected to send a response via Pakistan, acting as a mediator, if not later today, then possibly Friday.
Oil declined sharply since news of the U.S. offer emerged on Wednesday, but then crude futures erased this morning’s sharp losses down to $90.50 on West Texas Intermediate as markets grew impatient with Iran’s response.
Global oil supply is expected to remain muted even if restrictions in the Strait are lifted. Resumption of production capacity in Gulf states is due to be slow due to damage and insurers are reluctant to service tankers crossing the Strait following reports of strikes in the region.
The halt in exports from the key region drove the U.S. to deplete its product stocks, with gasoline inventories dropping for 12 consecutive weeks, while those for distillate fuel fell for nine weeks.
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Knicks fans, such as moi, went to bed last night highly concerned over the future status of our star forward, OG Anunoby, who left Wednesday’s Game 2 108-102 win late with a hamstring issue.
But we learned today it is a strain and he’ll be listed as ‘questionable’ for Game 3 in Philadelphia Friday night. This is far better than expected.
It’s going to be interesting to see how well Knicks fans travel, as the Sixers’ Joel Embiid urged the Philly faithful not to sell their tickets to the fans from Gotham.
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Dow Jones -313…-0.6% [49596]
S&P 500 -28…-0.4% [7337]
Nasdaq -32…-0.1% [25806]
Oil (WTI) $96.45.…Brent $101.95
Gold $4705
Silver $79.20
Bitcoin $80,125 [4:00 PM ET]
U.S. 2-yr. 3.91%
U.S. 10-yr. 4.39%
Japanese 10-yr. 2.46%
Check out “Week in Review,” posted Fridays around 4:30 PM ET.
Brian Trumbore
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