Crude oil prices advanced on Friday morning as geopolitical tensions in the Middle East and ongoing concerns over shipping disruptions near the Strait of Hormuz continued to support market sentiment.
Investors also closely monitored diplomatic discussions between the United States and China, while fears surrounding vessel attacks and seizures kept traders cautious about the global energy supply outlook.
Brent crude futures for July 2026 rose to US$106.84 per barrel, gaining 0.17% in early trade. The contract traded within a day’s range of US$106.27 to US$107.48.
Meanwhile, US West Texas Intermediate (WTI) crude futures for June 2026 climbed 1.11% to US$102.29 per barrel, with prices moving between US$101.49 and US$102.90 during the session.
Market participants remained focused on developments around the Strait of Hormuz, one of the world’s most critical oil shipping routes. Concerns intensified after reports emerged that a vessel was seized by Iranian personnel off the coast of the United Arab Emirates and directed towards Iranian waters.
In another incident, an Indian cargo vessel transporting livestock from Africa to the UAE reportedly sank off the coast of Oman earlier this week, adding to worries surrounding maritime security in the region.
The White House stated that US President Donald Trump and Chinese President Xi Jinping agreed on the importance of keeping the Strait of Hormuz open during ongoing discussions in Beijing.
Iran’s Revolutionary Guards stated that around 30 vessels had crossed the Strait of Hormuz since Wednesday evening. Although this figure remains significantly below the pre-conflict daily average of nearly 140 ships, traders viewed the increase as a sign of gradual improvement in shipping activity.
However, market participants continued to remain cautious as uncertainty over regional security and energy transportation risks persisted.
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Analysts indicated that tight global supply conditions remained the primary factor supporting crude oil prices despite occasional fluctuations in sentiment.
Yang An, an analyst at Haitong Futures, noted that oil prices experienced volatility during the previous session but still closed near the day’s highs, reflecting continued bullish momentum in the market.
According to analysts, while the resumption of ship movement through the Strait of Hormuz has eased some concerns, it has not been sufficient to offset the broader supply-side pressures supporting higher crude prices.
Investors are also monitoring developments from the ongoing discussions between US President Donald Trump and Chinese President Xi Jinping, who are expected to conclude a two-day state visit on Friday.
US Trade Representative Jamieson Greer stated that China was taking a pragmatic approach regarding developments involving Iran and stressed the importance of maintaining open shipping lanes through the Strait of Hormuz.
Crude oil prices remain supported by persistent geopolitical tensions, shipping disruptions and concerns surrounding tight global supply conditions. While increased vessel movement through the Strait of Hormuz has provided some relief to markets, uncertainty in the region is expected to keep oil prices volatile in the near term.
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Published on: May 15, 2026, 7:35 AM IST
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