Oil Edges Higher With WTI Near $99 as Trump Signals Final-Stage US-Iran Deal
Updated
Updated · Bloomberg · May 20
Oil Edges Higher With WTI Near $99 as Trump Signals Final-Stage US-Iran Deal
5 articles · Updated · Bloomberg · May 20
WTI traded near $99 a barrel and Brent closed near $105 after oil steadied from Wednesday’s sharp selloff.
Trump said the US is in the “final stages” with Iran, lifting hopes that a deal could soon restore energy flows through the Strait of Hormuz.
That prospect followed a more than 5% slide in the prior session, showing traders are rapidly repricing supply risks tied to the US-Iran talks.
The market’s focus remains on whether any agreement can quickly translate into actual crude movements through one of the world’s most critical shipping chokepoints.
Even if a deal reopens the Strait of Hormuz, can global energy markets truly recover from such a deep supply shock?
Is Trump’s 'final stages' claim a genuine breakthrough or a high-stakes bluff to pressure Iran's new hardline leader?
With enough uranium for 11 bombs, can any diplomatic deal truly eliminate Iran's long-term nuclear threat?
US-Iran Conflict Shuts Strait of Hormuz, Driving Oil Prices Above $100 and Triggering Global Economic Shockwaves
Overview
As of May 2026, the global oil market faces high prices due to a chain of events: the ongoing US-Iran conflict has led to the closure of the Strait of Hormuz, causing a major supply squeeze. This disruption tightens global oil supply and fuels uncertainty, as diplomatic talks remain fragile and the risk of renewed conflict persists. The resulting supply constraints, combined with geopolitical tensions, have pushed up energy costs worldwide and triggered inflation concerns. These developments highlight how regional instability can quickly ripple through global markets, affecting economies and accelerating the push for energy security and renewables.