Crude oil has inched higher on Tuesday as Iran remains unresponsive to U.S. threats to open up the Strait of Hormuz. With less than 24 hours remaining before the U.S. deadline expires, Iran has warned of retaliatory attacks reaching out of Arabian gulf.
WTI Crude Oil for May month delivery was last seen trading up by $0.65 (or 0.58%) at $113.06 per barrel. Earlier in the session, the price reached around $117 a barrel levels but gave ground due to some profit taking.
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Market Analysis
May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.