Oil rises for week as Hormuz disruption keeps supply risks elevated

Oil headed for a weekly gain May 15, 2026, as the Strait of Hormuz remained effectively closed and efforts to resolve the Iran war stalled, keeping pressure on global energy supplies. Brent traded near $107 a barrel, up about 6% for the week, while West Texas Intermediate was above $102. President Donald Trump said after meeting Chinese President Xi Jinping on May 14 that he does not need Hormuz open, according to Fox News, adding that Xi wants the war to end and supports buying more U.S. oil. The leaders are scheduled to meet again May 15. A White House official said they discussed Iran and the Hormuz crisis, though China’s official readout mentioned the Middle East but not energy. The International Energy Agency said global oil inventories are falling at a record pace and the market could remain severely undersupplied until October even if hostilities end in June. The Energy Information Administration said crude and fuel flows through Hormuz fell by nearly 6 million barrels a day in the first quarter.