Following three consecutive sessions of gains, crude oil prices have edged lower on Tuesday following news of the U.S. halting its planned attacks on Iran. Even as Iran awaits the U.S. response to a peace plan it sent days before through Pakistan, the Strait of Hormuz continues to remain shut, tightening global oil supplies.
WTI Crude Oil for June month delivery was last seen trading down by $0.07 or 0.1 percent at $108.59 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.