Global Oil Prices Rise Amid Concerns Over Ship Attacks in the Strait of Hormuz

BEIJING, KOMPAS.com - Global oil prices strengthened at the start of Asian trading on Friday (15/5/2026), amid ongoing market concerns about attacks and ship seizures in the Strait of Hormuz region.

Citing Reuters, the price of Brent crude oil rose 60 cents or 0.57 percent to $106.32 US per barrel. Meanwhile, the price of US West Texas Intermediate (WTI) crude oil rose 54 cents or 0.53 percent to $101.71 US per barrel.

The rise in oil prices came after a ship was reported seized by Iran off the coast of the United Arab Emirates and directed towards Iranian waters on Thursday.

An Indian cargo ship carrying livestock from Africa to the United Arab Emirates was also reported to have sunk in waters off the coast of Oman on Wednesday.

On the other hand, the White House stated that US President Donald Trump and Chinese President Xi Jinping agreed on the importance of keeping the Strait of Hormuz shipping lane open.

Iran’s Revolutionary Guard also stated that around 30 ships have crossed the Strait of Hormuz since Wednesday night. Although this number is still far below the pre-war daily average of 140 ships, it is considered to indicate an increase in shipping activity.

” Oil prices fluctuated several times yesterday but closed near the daily high,” said Yang An.

According to him, shipping traffic in the Strait of Hormuz has indeed somewhat eased market concerns, but it is not enough to change the upward price trend driven by limited oil supplies.

“Ships returning to cross the strait have indeed eased some market concerns, but it is not enough to change the strengthening trend driven by tight supplies,” he said.

Trump and Xi Jinping are scheduled to meet again on Friday to close a two-day state visit to Beijing.

US Trade Representative Jamieson Greer stated that China is taking a very pragmatic stance regarding its involvement with Iran and has a significant interest in keeping the Strait of Hormuz open.