Brent heads for 6% weekly gain as Trump warns Iran over Strait of Hormuz

Brent crude was on track for a 6% weekly gain on May 15, 2026, as President Donald Trump said his patience with Iran was “running out,” keeping geopolitical risk premiums elevated despite Tehran saying 30 vessels had cleared the Strait of Hormuz since May 13. Trump told Fox News on May 14 that Iran “should make a deal,” while a Beijing meeting between Trump and Chinese President Xi Jinping produced no reported breakthrough on the Hormuz standoff. Trump said China had shown interest in buying U.S. crude, adding to bullish sentiment as traders weighed potential inventory drawdowns from disrupted Middle East supply. Iran’s Revolutionary Guard said 30 vessels recently passed through the strait, but that remains far below the prewar average of about 140 vessels a day. Only two of the vessels were tankers, bound for Japan and China. Analysts warned markets may be overestimating the chance that U.S.-China talks will help restore energy flows through the key chokepoint.