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Oil prices jump as Strait of Hormuz fears linger after seizure and ship-attack warnings
Economy
Published on 15 May 2026
Iran claims 30 ships crossed, yet oil keeps rising
Oil prices rose on Friday as investors stayed nervous about attacks and seizures tied to the Strait of Hormuz, even after Iran said around 30 vessels had crossed since Wednesday evening. Brent futures climbed to $106.32 a barrel and WTI to $101.71, with analysts pointing to tight supply as the dominant driver. The White House said Donald Trump and Xi Jinping agreed on keeping Hormuz open, while a ship was reportedly seized near the UAE. Separately, an Indian livestock cargo vessel sank off Oman.
- Brent crude rose 60 cents to $106.32 a barrel by 0100 GMT
- WTI gained 54 cents to $101.71
- Iran’s Guards said about 30 vessels crossed Hormuz since Wednesday evening
- A ship was reportedly seized by Iranian personnel near the UAE
- Trump and Xi agreed on keeping the shipping lane open amid talks in Beijing
- Analyst cited tight supply as the main driver despite eased concerns
Read the full story at The Economic Times
This summarization was done by Beige for a story published on 
The Economic Times