May. 15 at 3:43 PM
$BATL $SKYQ $WTI $USO WTI crude oil futures climbed more than 3% to above
$104 per barrel on Friday and were on track for a weekly gain of over 9% as the Strait of Hormuz remained effectively closed, keeping global supply concerns elevated. Efforts to end the conflict remain stalled, with disruptions continuing to impact energy markets and fuel inflation fears. President Donald Trump delivered mixed messages on the situation, first saying the US did not need the Strait open before later stating alongside Chinese President Xi Jinping that “we want the straits open.” The International Energy Agency warned this week that the oil market could remain severely undersupplied until October even if fighting ends next month. Oil inventories continue to tighten, while tanker traffic through Hormuz remains extremely limited, with only a small number of vessels managing to leave the Persian Gulf since the conflict began.
