ECONOMY
Iran Strait of Hormuz shutdown slashes global oil flows
PUBLISHED May 22, 2026, 12:58 PM ET
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Global oil markets tightened sharply on Friday, May 22, 2026, as crude shipments through the Strait of Hormuz fell to 95 percent below normal levels amid an ongoing military conflict and stalled peace talks between the United States and Iran. The disruption to one of the world’s most critical maritime energy corridors has rendered the route largely impassable to commercial tankers since late February. Brent crude settled at $105.48 per barrel, up 2.8 percent, while West Texas Intermediate rose 2.3 percent to $98.58. Analysts warned U.S. benchmark prices could move back above $100 per barrel if diplomacy fails to resume flows.
By Shahbaz A. | JQJO News
Timeline of Events
- Late Feb 2026 Military conflict disrupts Gulf shipping
- Late Feb 2026 Strait becomes largely impassable tankers
- Feb 2026 Brent crude trades near seventy dollars
- Recent weeks Peace talks between Washington Tehran stall
- Friday, May 22, 2026 Brent crude settles at 105.48
- Friday, May 22, 2026 WTI rises to 98.58 per barrel
- Friday, May 22, 2026 Data show 95 percent transit drop
- Following week Analysts warn potential WTI above hundred
News Intelligence
- The Strait of Hormuz shutdown affects your wallet. Oil prices are rising, and that means higher gas prices at the pump. If you're planning a road trip or commute daily, expect to pay more. Check your local gas prices before filling up.
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