Oil tops $109 per barrel

May 15, 2026 (MLN): Oil prices climbed on Friday after U.S. President Donald Trump issued a sharp warning toward Iran, as he signals that his tolerance for the ongoing standoff is wearing thin.

Currently, Brent crude futures are up by $3.84, or 3.63%, to $109.56 per barrel, according to data by Mettis Global.

West Texas Intermediate (WTI) crude futures are up by $3.98 or 3.93%, to $105.15 per barrel by [2:59 pm] PST.

Following talks with Chinese President Xi Jinping, President Trump said that both leaders had reached a mutual understanding: Iran must not be permitted to develop nuclear weapons and must reopen the Strait of Hormuz to international shipping, according to Reuters.

The joint stance from two of the world's most powerful leaders added fresh urgency to an already tense situation.

The remarks rattled energy markets, which have been closely watching the lack of meaningful progress toward a peace agreement aimed at ending a series of ship attacks and seizures in and around the strategically critical waterway.

The Strait of Hormuz serves as a vital corridor for a significant portion of the world's oil supply, and any prolonged disruption there carries major consequences for global energy markets.

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