Hormuz chaos nears month 3: Oil prices climb as tightened supplies squeeze fuel reserves

May 21, 2026 - 08:30
Hormuz chaos nears month 3: Oil prices climb as tightened supplies squeeze fuel reserves

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Oil prices edged higher as supply disruption fears from the Iran conflict and falling US crude stockpiles emerged. Brent crude reached $105.83 and WTI $99.23, recovering from a sharp decline after US-Iran negotiation reports. Tensions around the Strait of Hormuz persist, impacting global shipments and forcing nations to tap reserves.

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