Oil Heads for Strong Weekly Gain

2026-05-15 07:04 By Judith Sib-at 1 min. read

WTI crude futures rose above $103.5 per barrel on Friday and were on track for a weekly gain of about 10%, as risks in the Strait of Hormuz persisted amid stalled US-Iran peace talks.

President Trump on Thursday warned Iran to reach a deal or face “annihilation,” saying his patience with Tehran was running out.

His remarks came even as Iran said around 30 ships had crossed the Strait since Wednesday evening.

The US and Iran failed to agree on a US-drafted peace proposal earlier this week, leaving the key waterway largely closed.

Optimism for a lasting ceasefire has also faded.

Meanwhile, the IEA reported that crude and fuel flows through the Strait fell by around 4 million bpd in March and April, warning that the global oil market could remain materially undersupplied through October even if the conflict is resolved next month.

Separately, Trump said China wants to buy oil from the US amid ongoing challenges in reopening the Strait, with ship attacks and seizures reported this week.



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