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Oil Prices Rise Again as Iran Seizes Ship and Strait of Hormuz Fears Return
Economy
Published on 15 May 2026
A ship seized near UAE is headed for Iran
Oil prices climbed on Friday as fears of ship seizures and attacks persisted around the Strait of Hormuz, even with Iran claiming about 30 vessels passed since Wednesday evening. Brent futures rose 60 cents to $106.32 a barrel, while U.S. WTI gained 54 cents to $101.71. A ship reportedly seized by Iranian personnel off the UAE was reportedly headed for Iranian waters, and an Indian livestock-cargo vessel was sunk near Oman. Analysts cited tight supply as the main driver.
- Brent crude rose 60 cents to $106.32 a barrel by 0100 GMT
- WTI gained 54 cents to $101.71 as shipping tensions continued
- Iran claimed roughly 30 vessels crossed the Strait of Hormuz since Wednesday
- A ship seized off the UAE was reportedly headed for Iranian waters
- An Indian cargo vessel carrying livestock was sunk near Oman
- Trump and Xi talks in Beijing include keeping the strait open
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This summarization was done by Beige for a story published on 
Republic