Crude oil prices inched higher on Thursday as the Strait of Hormuz remains effectively shut amid a lack of progress in U.S.-Iran peace efforts. With U.S. President Donald Trump in China for a summit meet with Xi Jinping, traders expect Chinese intervention to end the hostilities in the Middle East.
WTI Crude Oil for June month delivery was last seen trading up by $0.29 (or 0.29) at $101.31 per barrel.
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May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.