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Crude Oil Benchmark Prices
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Oil prices rise as fragile US-Iran talks sustain supply worries
The current price of gasoline is shown at a gas station in Encinitas, California, U.S., May 11, 2026. REUTERS/Mike Blake Purchase Licensing Rights, opens new tabSummaryCompaniesIran demands compensation for war damage, reiterates sovereignty over Hormuz StraitU.S. crude inventories forecast down 1.7 million barrels, an analyst poll by Reuters showedMarkets to watch Trump-Xi meeting in the next few daysMay 12 (Reuters) - Oil prices rose nearly 1% on Tuesday as talks to end the U.S.-Israeli war on Iran appeared fragile, with Tehran's response to a Washington proposal highlighting stark differences that have kept supply concerns alive.Brent crude futures were up 86 cents, or 0.8%, at $105.07 per barrel, while U.S. West Texas Intermediate gained 99 cents, or 1%, to $99.06 at 0411 GMT. Both benchmarks increased nearly 2.8% on Monday. Sign up here.U.S. President Donald Trump on Monday said the ceasefire with Iran was "on life support," pointing to disagreements over several demands, such as the cessation of hostilities on all fronts, the removal of a U.S. naval blockade, the resumption of Iranian oil sales and compensation for war damage.Tehran also emphasized its sovereignty over the Strait of Hormuz, through which about a fifth of global oil and liquefied natural gas flows."Optimism regarding an imminent (peace) deal seems to be fading again and if we don’t see a deal by the end of May, then upside risks for oil prices are definitely on the table," said DBS Bank energy sector team lead Suvro Sarkar.Disruptions linked to the near-closure of the strait have prompted producers to curtail exports, with a Reuters survey on Monday showing OPEC oil output in April fell to its lowest level in more than two decades."A genuine breakthrough toward a peace deal could trigger a sharp $8-$12 correction, while any escalation or renewed blockade threats would quickly push Brent back toward $115+," said Tim Waterer, chief market analyst at KCM Trade.Saudi Aramco (2222.SE), opens new tab CEO Amin Nasser on Monday warned that disruptions to oil exports through the strait could delay a return to market stability until 2027, with the loss of about 100 million barrels of oil per week.Elsewhere on the supply front, U.S. crude stocks were forecast by analysts in a Reuters poll to be down by around 1.7 million barrels in the previous week.The draw comes against "a backdrop of continued strong net waterborne export flows for crude and products, across the next several w...
Oil prices rise as fragile US-Iran talks sustain supply worries
May 12: Oil prices rose in early Asian trade on Tuesday as negotiations to end the war between the United States and Iran appeared fragile, with Tehran's response to a U.S. proposal highlighting stark differences that kept supply concerns alive. Brent crude futures were up 30 cents, or 0.29%, at $104.51 per barrel, while U.S. West Texas Intermediate gained 31 cents, or 0.32%, to $98.38 by 0002 GMT. Both benchmarks increased nearly 2.8% on Monday. U.S. President Donald Trump said on Monday that the ceasefire with Iran was "on life support," pointing to disagreements over several demands, such as the cessation of hostilities on all fronts, the removal of a U.S. naval blockade, the resumption of Iranian oil sales, and compensation for war damage. Tehran also emphasized sovereignty over the Strait of Hormuz, which handles about a fifth of global oil and liquefied natural gas flows. "As long as the US-Iran negotiations remain inconclusive and physical flows through the Strait of Hormuz stay restricted, we should see prices holding above $100," said Tim Waterer, chief market analyst at KCM Trade, in an email. "A genuine breakthrough toward a peace deal could trigger a sharp $8-12 correction, while any escalation or renewed blockade threats would quickly push Brent back toward $115+," he said. Disruptions linked to near-closure of the strait have prompted producers to curtail exports, with a Reuters survey on Monday showing OPEC oil output in April fell to its lowest level in over two decades. Saudi Aramco CEO Amin Nasser warned on Monday that disruptions to oil exports through the strait may delay a return to market stability until 2027, with the loss of about 100 million barrels of oil per week. Meanwhile, the Trump administration announced plans on Monday to loan 53.3 million barrels of crude from the U.S. Strategic Petroleum Reserve (SPR) as part of efforts to temper the oil market. Ship-tracking data showed that a shipment of crude from the U.S. SPR is en route to Turkey, marking the first such delivery to the Mediterranean nation. At the same time, just days ahead of Trump's planned meeting with Chinese President Xi Jinping, Washington imposed sanctions on three individuals and nine companies, including firms based in Hong Kong, the United Arab Emirates, and Oman, for facilitating Iranian oil shipments to China. Separately, the Wall Street Journal reported on Monday that the UAE conducted military strikes on Iran, including an attack in early April ...
Oil prices rise as US-Iran firefight tests 'fragile' ceasefire in ...
Oil prices spiked nearly 3% to $103 per barrel on Friday following an exchange of fire in the key Strait of Hormuz waterway. The US characterized the engagement as self-defense against...
Oil Jumps, Stocks Fall as US-Iran Clashes Spark Peace Talks Fears
Stocks sank and oil prices jumped Friday as US-Iran clashes in the Strait of Hormuz jolted hopes for a deal to end the war and reopen the crucial waterway. Markets across the world have enjoyed a strong run this week on growing optimism that the 10-week conflict -- which has sent oil prices soaring -- will be concluded soon. However, the risk-on mood was tempered Thursday following news that ...
