Oil rises for week as Hormuz disruption keeps Brent near $107

Oil headed for a weekly gain on May 15, 2026, as the Strait of Hormuz remained effectively closed, threatening global energy flows and keeping crude markets tight. Brent rose toward $107 a barrel, up about 5% for the week, while West Texas Intermediate traded near $102. A U.S. naval blockade of Iranian ports remained in place, and a commercial vessel was seized at the entrance to the strait and taken into Iranian waters. President Donald Trump met Chinese President Xi Jinping on May 14, 2026, with the White House saying they discussed keeping Hormuz open and improving U.S. oil flows to China. China’s readout cited the Middle East but did not mention energy. The International Energy Agency said global oil inventories are falling at a record pace and that the market could remain “severely undersupplied” until October even if hostilities end in June. The U.S. Energy Information Administration said crude and fuel flows through Hormuz fell by nearly 6 million barrels a day in the first quarter after fighting began in late February.