WTI Nears $105.5 a Barrel as Oil Extends Intraday Surge
Summary
- International oil prices extended gains, with WTI futures climbing to around $105.5 a barrel during intraday trading.
- Middle East geopolitical risk, tensions in the Strait of Hormuz, US-Iran friction and falling global crude inventories are fueling concerns over supply disruptions.
- The rise in international oil prices is affecting inflation concerns, volatility in global financial markets and the outlook for monetary policy in major economies, with markets focused on the Middle East situation and how major oil producers respond.
Forecast Trend Report by Period
International oil prices extended gains and climbed to a fresh intraday high as geopolitical risks in the Middle East and supply concerns persisted.
Walter Bloomberg reported on May 15 that West Texas Intermediate futures rose to around $105.5 a barrel during intraday trading.
Tensions in the Strait of Hormuz and the prospect of prolonged friction between the US and Iran have heightened concerns about disruptions to crude supply.
Falling global crude inventories and inflation concerns have also added upward pressure on oil prices.
The advance in international oil prices is also affecting volatility in global financial markets and the outlook for monetary policy in major economies.
Markets are watching developments in the Middle East, whether conditions in the Strait of Hormuz stabilize, and how major oil-producing countries respond.
JH Kim
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