Oil Prices Fall Below $100 a Barrel

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Pierre Bienaimé· Host0:14

[calm music] Here's your midday brief for Thursday, May seventh. I'm Pierre Bienaimé for the Wall Street Journal. Oil prices are continuing to pull back after a sharp fall yesterday. Traders are hoping that the US and Iran could soon reach an agreement. Futures for Brent Crude, the international benchmark, have slipped below a hundred dollars a barrel. The last time they closed below that level was April twenty-fourth. But prices are still roughly a third higher than their pre-war levels. First quarter revenue at McDonald's is up nine percent to more than six and a half billion dollars. The fast food chain is trying to reclaim its reputation as an inexpensive place to get food, so it's been doubling down on value meals and other low-cost items. The company said those efforts are helping it draw customers. Meanwhile, Burger King yesterday reported its biggest quarterly increase in same store sales in roughly two years. And Papa Johns International says customers have traded down to smaller pizzas and passed on sides and desserts. Revenue in the quarter fell eight percent to about four hundred and seventy-nine million dollars. And in China, a military court has issued suspended death sentences to two former defense ministers for corruption. One man was convicted of receiving bribes and the other of receiving