Extending two days of gains, crude oil prices have soared on Wednesday as fresh military strikes in the Middle East renew war concerns while U.S. and Iran peace talks are still in limbo, thereby leaving the Strait of Hormuz blocked for oil and energy trade.
WTI Crude Oil for July month delivery was last seen trading up by $2.31 (or 2.46%) at $96.07 per barrel.
As the gulf war entered day number 96 today, expectations on a positive signal on a U.S.-Iran agreement diminished after reports of fresh military strikes in the Middle East.
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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.