Brent Holds Firm as Iran War Drags On

2026-05-12 23:38 By Jam Kaimo Samonte 1 min. read

Brent crude futures held above $107 per barrel on Wednesday after rising for three straight sessions, as the prolonged conflict in the Middle East and the continued near-closure of the crucial Strait of Hormuz tightened global energy supplies.

Efforts to broker an end to the US-Iran war have yet to produce meaningful progress, while the fragile ceasefire remained at risk after Washington dismissed Tehran’s latest response to a proposed peace framework.

Hormuz continues to face restrictions from both US and Iranian forces, remaining a major obstacle in negotiations and disrupting substantial flows of crude, natural gas, and fuels.

Meanwhile, President Donald Trump is expected to meet Chinese President Xi Jinping this week, though Trump indicated that trade negotiations would take precedence over developments surrounding the Iran conflict.

Separately, US inflation accelerated more than expected in April as surging energy prices linked to the Middle East crisis added to price pressures.



News Stream
Brent Holds Firm as Iran War Drags On
Brent crude futures held above $107 per barrel on Wednesday after rising for three straight sessions, as the prolonged conflict in the Middle East and the continued near-closure of the crucial Strait of Hormuz tightened global energy supplies. Efforts to broker an end to the US-Iran war have yet to produce meaningful progress, while the fragile ceasefire remained at risk after Washington dismissed Tehran’s latest response to a proposed peace framework. Hormuz continues to face restrictions from both US and Iranian forces, remaining a major obstacle in negotiations and disrupting substantial flows of crude, natural gas, and fuels. Meanwhile, President Donald Trump is expected to meet Chinese President Xi Jinping this week, though Trump indicated that trade negotiations would take precedence over developments surrounding the Iran conflict. Separately, US inflation accelerated more than expected in April as surging energy prices linked to the Middle East crisis added to price pressures.
2026-05-12
Brent Extends Gains Amid Ceasefire Doubts
Brent crude futures climbed above $107 per barrel on Tuesday, extending gains from the previous session, as President Donald Trump said the US-Iran ceasefire was on “massive life support” after dismissing Tehran’s latest peace proposal, fueling concerns that the Strait of Hormuz may stay effectively closed for an extended period. Iran reportedly called for the US to end its naval blockade and ease sanctions while seeking to retain some authority over traffic through the key shipping route. Meanwhile, reports suggested President Trump is set to meet with his national security team to weigh a potential return to military operations, alongside renewed discussions about escorting commercial vessels through Hormuz. Saudi Aramco CEO Amin Nasser warned that the market is losing roughly 100 million barrels of supply each week, adding that prolonged disruptions could push any market normalization into next year.
2026-05-11
Brent Crude Extends Increase
Brent crude oil futures extended their rise to $104 per barrel on Monday after US President Trump stated that the current ceasefire between the US and Iran is in a fragile state, risking an escalation to the war that prevents oil from the region from being exported. The US had already rejected Iran's peace counteroffer to consolidate the disagreement between both sides, dimming the likelihood that the conflict could end soon. The near shutdown of traffic through Hormuz has severely disrupted global shipments of crude oil, LNG and fuels, driving energy prices higher and increasing inflation concerns. Saudi Aramco CEO Amin Nasser warned the market is losing around 100 million barrels of supply each week and said prolonged disruptions could delay normalization until next year. Fresh drone attacks near Qatar and interceptions in the UAE and Kuwait underscored ongoing security risks, while Israeli Prime Minister Benjamin Netanyahu said the conflict with Iran is “not over.”
2026-05-11