Oil Rises on Middle East Uncertainty

2026-05-04 07:19 By Jam Kaimo Samonte 1 min. read

WTI crude futures climbed above $102 per barrel on Monday, snapping a two-day decline after reports that a tanker was hit by projectiles in the Strait of Hormuz shortly after President Donald Trump announced plans to guide ships through the waterway.

Iran also warned it would target any US forces entering the narrow strait and cautioned commercial vessels and oil tankers against moving without coordination with its military, underscoring heightened risks to supply flows.

Trump’s initiative, dubbed “Project Freedom,” is focused on helping civilian ships flagged in non-aligned countries exit the contested passage so they can resume operations, with implementation set to begin Monday.

Meanwhile, Tehran said it is reviewing Washington’s response to its latest 14-point proposal, keeping hopes for a diplomatic resolution alive.

Oil prices have surged sharply this year as the Middle East conflict and the effective closure of the Strait of Hormuz have disrupted global markets.



News Stream
Oil Steadies, Heads For Weekly Loss
Crude oil prices were near $77 per barrel on Friday and were heading toward a weekly decline of roughly 8% after Israel and Hezbollah reached a ceasefire agreement set to begin on Friday. The truce, if maintained, could remove a major obstacle to broader peace efforts between the US and Iran. Meanwhile, Tehran said vessels passing through the Strait of Hormuz would require mandatory insurance policies, which are currently free but could incur charges later, reinforcing its claims over the strategic waterway. Market data suggested shipping activity slowed after an earlier surge in tanker movements, with no outbound vessels seen leaving the Persian Gulf on Friday morning. In contrast, nearly 10 million barrels of crude were observed transiting or positioned near the strait on Thursday, including the first Saudi-owned tankers to move since the conflict began more than three months ago. Uncertainty continues after planned US-Iran talks in Switzerland were canceled.
2026-06-19
Oil Steadies, Heads For Weekly Loss
Crude oil steadied near $77 per barrel on Friday as trading remained volatile amid shifting flows through the Strait of Hormuz and renewed uncertainty over US-Iran negotiations on a longer-term peace agreement. Market data suggested shipping activity slowed after an earlier surge in tanker movements, with no outbound vessels seen leaving the Persian Gulf on Friday morning. In contrast, nearly 10 million barrels of crude were observed transiting or positioned near the strait on Thursday, including the first Saudi-owned tankers to move since the conflict began more than three months ago. However, optimism from an interim US-Iran accord was tempered after planned talks in Switzerland were delayed, raising doubts over the durability of any supply recovery. Despite recent stabilization, crude was on track for a weekly decline of around 10%, erasing most of the gains accumulated during the height of the conflict.
2026-06-19
Oil Heads for Sharp Weekly Drop
Crude oil rose above $77 per barrel on Friday after planned talks between the US and Iran in Switzerland was cancelled as confirmed by the Swiss Foreign Ministry. Israel also continued to carry out strikes on Hezbollah targets in Lebanon. Still, oil prices were on track for a sharp weekly decline as investors welcomed improving shipping conditions in the Strait of Hormuz after the US-Iran interim peace took effect. The US Central Command announced it had lifted restrictions on traffic to and from Iranian ports and coastal waters, while the Joint Maritime Information Center advised vessels transiting the strait to follow a route closer to Oman’s coastline to reduce the risk from mines. Tankers carrying previously stranded crude began exiting the waterway on Thursday, and Kuwait said it would begin increasing production. As a result, oil prices have erased nearly all the gains recorded since the Middle East conflict began in late February.
2026-06-19