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Crude Jumps Above $105 as Strait of Hormuz risks rise and Iran ceasefire stalls
Economy
Published on 15 May 2026
Iran says ships pass safely, yet seizures keep prices spiking
Oil prices rose Friday, pushing Brent above $105 a barrel, as traders grew wary of ship attacks and seizures near the Strait of Hormuz despite Iran’s claim that around 30 vessels crossed safely. Markets are also tracking US China talks in Beijing. A US naval blockade remains active, and a commercial ship was reportedly seized before being taken into Iranian waters. With the IEA warning the market may stay severely undersupplied until October, analysts warn the squeeze could last into late 2027.
- Brent crude futures gained 0.57% to $106.32 per barrel
- WTI rose 0.53% to $101.71 per barrel by 0100 GMT
- Iran says nearly 30 ships crossed Hormuz safely
- US naval blockade around Iranian ports is still active
- IEA warns supplies may remain “severely undersupplied” until October
- Saudi Aramco estimates stability could take until 2027, impacting about 100m barrels weekly
Read the full story at The Economic Times
This summarization was done by Beige for a story published on 
The Economic Times