Oil Prices Move Flatly as Strait of Hormuz Resumes Operations
Jakarta - Global oil prices moved nearly stagnant during trading on Thursday US time or Friday morning WIB (15/5/2026). The market began to observe tanker traffic in the Strait of Hormuz resuming operations, although the security situation in the Gulf region remains far from calm.
According to Refinitiv data as of Friday at 06:30 WIB, the Brent crude oil July contract (LCOc1) closed at US$105.72 per barrel, up slightly by 0.09%. Meanwhile, West Texas Intermediate (WTI) crude oil strengthened by 0.15% to US$101.17 per barrel.
This movement has started to curb the oil rally after it had surged sharply over the past two weeks. Since 4 May, Brent has still risen by around 7.5%, while WTI has strengthened by nearly 5%.
The previous rise in oil prices was triggered by the Iran war and disruptions in the Strait of Hormuz, the narrow route that serves as the lifeline for global energy distribution. However, the market is now gaining a slight breathing space after Iranian state media reported that around 30 ships successfully crossed the strait since Wednesday night.
That number is still far below the normal average before the conflict, which reached about 140 ships per day. But for the energy market, news of ships successfully passing through is enough to alleviate short-term panic.
Reuters reported that a Chinese supertanker carrying 2 million barrels of Iraqi oil finally passed through Hormuz after being held up for more than two months in the Gulf. A Panama-flagged tanker operated by Japan’s Eneos refinery group was also reported to have successfully transited.
The market interprets this situation as a signal that Iran has not completely closed off the world’s energy route. Moreover, the White House stated that US President Donald Trump and Chinese President Xi Jinping both agree that the Strait of Hormuz must remain open for the smooth flow of global energy.
Nevertheless, tensions in the region remain high. An Indian cargo ship was reported to have sunk off the coast of Oman following an attack, while British maritime authorities reported another ship hijacked near Fujairah and directed towards Iran.
PVM Oil Associates analyst Tamas Varga assessed that allowing more ships to pass has a greater influence on market psychology than changes in fundamental global supply. Oil prices are ultimately held back in the upper range because the threat of supply disruptions has not entirely disappeared.
The market also continues to face tight global supply issues. The International Energy Agency (IEA) previously warned that world oil inventories this year are shrinking rapidly because supply cannot keep up with demand.
From the United States, crude oil inventories fell by 4.3 million barrels to 452.9 million barrels last week, according to Energy Information Administration (EIA) data. The stock decline occurred as US exports increased.
On the other hand, the International Monetary Fund (IMF) has begun warning that the Iran war and Hormuz disruptions could push the global economy into an “adverse” scenario. The IMF estimates that world economic growth could fall to 2.5% this year, lower than 3.4% in 2025.