May 14, 2026 at 10:07 PM UTC
Updated on May 15, 2026 at 12:01 AM UTC
Oil headed for a weekly gain as the crucial Strait of Hormuz remains effectively closed, with efforts to end the war in limbo and disruptions that have upended global markets set to linger.
Brent crude rose toward $107 a barrel, with futures up around 5% this week. West Texas Intermediate was near $102. A US naval blockade of Iran’s ports remains in place, while the waters in the region continue to be treacherous for mariners. A commercial vessel was seized by unauthorized personnel at the entrance to the strait and taken into Iranian waters.
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