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Commodity News Details
Weekly Crude Oil Review: Geopolitical worries push prices above $100 per barrel
16-May-2026 12:45
WTI crude oil futures continued to gain and broke above $100 per barrel mark. Markets eyed intensifying fears that the Strait of Hormuz could remain effectively closed for a prolonged period. The sharp escalation in geopolitical tensions boosted concerns over global oil supply disruptions, driving upside in crude prices as the WTI futures rose 6% for the week. Meanwhile, Crude oil inventories in the United States decreased by 4.3 million barrels during the week ending May 8, according to new data from the US Energy Information Administration (EIA). The decrease brings commercial stockpiles to 452.9 million barrels, which is 0.3% below the five-year average for this time of year. According to weekly EIA data, crude oil inventories in the United States have decreased by a total 3.3 million barrels over the last 7 weeks.

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