Brent Crude Futures Hover at $105

2026-05-14 11:54 By Joana Taborda 1 min. read

Brent crude futures were little changed at around $105 per barrel on Thursday, as traders monitored developments in the Middle East and the summit between US President Trump and Chinese President Xi.

Reports from Iran indicated that around 30 vessels had crossed the Strait of Hormuz in recent hours, while Tehran has reportedly begun allowing transit for some Chinese ships.

Meanwhile, US Secretary of State Marco Rubio urged China to use its influence on Iran to help reopen the Strait of Hormuz.

According to the White House, Xi also expressed interest in increasing purchases of US crude oil.

Meanwhile, the IEA said crude and fuel shipments through the Strait of Hormuz fell by nearly 6 million barrels per day in the first quarter and warned that the global oil market is likely to remain significantly undersupplied until October, even if the conflict ends next month.

Adding to supply concerns, Saudi Arabia informed OPEC that its oil production had dropped to its lowest level since 1990.



News Stream
Brent Crude Futures Hover at $105
Brent crude futures were little changed at around $105 per barrel on Thursday, as traders monitored developments in the Middle East and the summit between US President Trump and Chinese President Xi. Reports from Iran indicated that around 30 vessels had crossed the Strait of Hormuz in recent hours, while Tehran has reportedly begun allowing transit for some Chinese ships. Meanwhile, US Secretary of State Marco Rubio urged China to use its influence on Iran to help reopen the Strait of Hormuz. According to the White House, Xi also expressed interest in increasing purchases of US crude oil. Meanwhile, the IEA said crude and fuel shipments through the Strait of Hormuz fell by nearly 6 million barrels per day in the first quarter and warned that the global oil market is likely to remain significantly undersupplied until October, even if the conflict ends next month. Adding to supply concerns, Saudi Arabia informed OPEC that its oil production had dropped to its lowest level since 1990.
2026-05-14
Brent Steadies as Markets Watch Trump-Xi Talks
Brent crude futures steadied near $106 per barrel on Thursday, pausing their recent advance as investors shifted focus to the upcoming meeting between US President Donald Trump and Chinese President Xi Jinping. The leaders are expected to center discussions on trade rather than tensions surrounding the Iran war, although Washington recently intensified pressure on Tehran by threatening banks and imposing fresh sanctions on entities involved in Iranian oil sales to China, the largest importer of its crude. Meanwhile, the US Energy Information Administration reported that crude oil and fuel flows through the Strait of Hormuz declined by nearly 6 million barrels per day in the first quarter after the Middle East conflict erupted in late February. The IEA also warned that the global oil market is likely to remain heavily undersupplied until October even if the conflict ends next month, while Saudi Arabia informed OPEC that its oil output fell to the lowest level since 1990
2026-05-13
Brent Little Changed on Wednesday
Brent crude oil futures were little changed at around $106 per barrel on Wednesday, after a 7.5% rally over the previous three sessions as Middle East tensions and shrinking global inventories continued to support prices. The IEA said observed oil stockpiles fell by around 4 million barrels per day in March and April, while Saudi Arabia told OPEC its production dropped to the lowest level since 1990. The IEA warned that with inventories already falling at a record pace, further volatility is likely ahead of peak summer demand and that the market could remain severely undersupplied until October even if the conflict ends next month. Meanwhile, US government data showed distillate inventories rose by 190,000 barrels last week, the first increase since March, easing some supply concerns. However, crude inventories fell by 4.3 million barrels, nearly double market expectations.
2026-05-13