Oil Holds Firm as Iran War Drags On

2026-05-12 23:37 By Jam Kaimo Samonte 1 min. read

WTI crude futures held around $102 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 anticipated in April as surging energy prices linked to the Middle East crisis added to price pressures.



News Stream
Oil Holds Firm as Iran War Drags On
WTI crude futures held around $102 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 anticipated in April as surging energy prices linked to the Middle East crisis added to price pressures.
2026-05-12
Oil Extends Gains Amid Ceasefire Doubts
WTI crude oil futures jumped nearly 4% to around $102 per barrel on Tuesday, extending a 2.8% gain in the previous session, as concerns grew that disruptions in the Strait of Hormuz could persist. President Donald Trump said the US-Iran ceasefire was on “massive life support” after rejecting Tehran’s latest peace proposal, raising fears that the key shipping route may remain effectively closed for longer. Iran reportedly demanded an end to the US naval blockade and sanctions relief while seeking to maintain some control over traffic through Hormuz. Meanwhile, reports indicated Trump was preparing to meet with his national security team to consider renewed military action and discuss plans to escort commercial vessels through the strait. Saudi Aramco CEO Amin Nasser warned the market is losing about 100 million barrels of oil supply each week, adding that if disruptions continue, a return to normal market conditions may not occur until next year.
2026-05-12
Oil Extends Gains Amid Ceasefire Doubts
WTI crude futures climbed above $101 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