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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Market Analysis
May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.