As of May 14, 2026, Brent crude futures are hovering around $105 per barrel, holding flat despite reports of increased traffic through the Strait of Hormuz. While Iran-linked vessels have begun passing through, the market remains concerned about supply, with the EIA projecting oil to stay above $100 due to severe inventory declines from recent disruptions.
Key Developments as of May 14, 2026:
Price Stability: Brent crude futures were flat at roughly $105.63, while US West Texas Intermediate (WTI) held around $101.03 as of 1100 GMT.
Strait of Hormuz Traffic: Iranian media reported about 30 vessels passed through the strait, easing fears of a complete shutdown.
Diplomatic Pressure: US President Trump is discussing safe passage with President, with reports indicating some Chinese tankers are being allowed through.
Inventory Concerns: Despite the partial reopening, global inventories are still falling significantly, with the EIA projecting prices to average $106 in May and June due to previous supply shut-ins.
Market Volatility: According to a post, the Department of Energy (DOE) expects continued high volatility, citing ongoing tensions in the region.
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