International oil prices fell sharply on May 6 amid growing market optimism that the nearly ten-week conflict in the Middle East could soon come to an end.

West Texas Intermediate (WTI) crude for June delivery decreased by US$7.19 (7.03%), reaching US$95.08 per barrel on the New York Mercantile Exchange. Brent crude for July delivery fell by US$8.60 (7.83%) to US$101.27 per barrel.

Both major crude oil futures contracts fell to their lowest levels in two weeks.