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Brent crude oil price went up by $1.32, which is a 1.25% increase, reaching $107.04 per barrel.
BY Mahnoor | 15-05-2026
Oil prices went up by over 1% after President Trump said he’s losing patience with Iran. Worries about ship attacks and seizures continue, even though Iran says about 30 ships have gone through the Strait of Hormuz. Brent crude oil futures increased by $1.32, or 1.25%, reaching $107.04 a barrel.
Brent crude oil increased by $1.32, or 1.25%, reaching $107.04 a barrel by 0425 GMT. US West Texas Intermediate also went up by $1.33, or 1.31%, hitting $102.50.
This week, Brent crude increased by almost 6%, and WTI rose over 7%, because the Iran ceasefire is uncertain.
“I’m losing patience,” Trump said on Fox News Thursday night. “They need to make an agreement.”
U.S. Trade Representative Jamieson Greer stated Friday that China is practical regarding Iran and wants the Strait of Hormuz open, in a Bloomberg interview.
Trump and China’s President Xi Jinping will meet on Friday to finish a two-day visit with fancy ceremonies and business agreements.
Vandana Hari, founder of Vanda Insights, said, “The Beijing summit didn’t solve anything about Iran, so the market is turning back to concerns about the ongoing deadlock and the blocked Strait, with a risk of new military conflict.”
Trump mentioned at the summit that China intends to purchase oil from the United States, which was one of the expected outcomes.
Near the Strait of Hormuz, Iranian forces seized a ship near the United Arab Emirates on Thursday, taking it towards Iran. Also, on Wednesday, an Indian cargo ship carrying animals from Africa to the UAE sank off the coast of Oman.
The White House stated that Trump and Xi agreed it’s important to keep the shipping route open.
Iran’s Revolutionary Guards stated that 30 ships passed through the Strait of Hormuz since Wednesday evening. This is less than the usual 140 ships per day before the war, but a significant increase if true.
Haitong Futures analyst Yang An stated that oil prices are mainly high because there isn’t enough supply.
He said, ‘Oil prices changed a lot yesterday but ended the day close to their highest point.’
Ships getting through the strait calmed the market a little, but the main trend of limited supply is still strong.
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