Summary
- International oil prices rose for a third straight trading day as negotiations between the US and Iran remained deadlocked.
- Brent crude neared $111 a barrel and WTI rose above $107, while Brent gained about 8%% last week alone.
- Supply concerns are rising due to stalled US-Iran talks, disruptions to oil transport through the Strait of Hormuz, and the non-extension of sanctions waivers for Russian crude sales.
Forecast Trend Report by Period
International oil prices rose for a third straight trading day as deadlocked talks between the US and Iran continued to fuel supply concerns.
Bloomberg reported on May 17 that Brent crude neared $111 a barrel, while West Texas Intermediate topped $107. Brent climbed about 8% last week alone.
The market is watching the lack of progress in US-Iran talks as a continuing risk to oil supplies.
Trump wrote on Truth Social that "there is not much time left for Iran" and added that "if they do not move quickly, there will be nothing left."
Reports said a summit between the US and Chinese leaders produced no specific agreement on reopening the Strait of Hormuz. Oil transport through the strait has also yet to recover to normal levels.
Supply worries have grown further after the US government did not extend sanctions waivers tied to sales of Russian crude.
Trump is also said to have held a weekend meeting on the Iran war with Vice President JD Vance, Secretary of State Marco Rubio and CIA Director John Ratcliffe.
"We want a deal," Trump told Axios. "But Iran has still not reached the level we want. Otherwise, it will suffer a major blow."
