Brent Holds Near $110 as Hormuz Shutdown Fuels Recession Warnings

As of May 20, 2026, Brent crude traded at $110.34 per barrel amid the ongoing Strait of Hormuz closure that has removed 12-14 million barrels per day from global supply. The crisis escalated from early-May U.S. energy gains—including the UAE’s OPEC exit and record domestic output—to sharp inventory draws and refined-product shortages that drove prices higher. Wall Street veteran Roger Altman warned of a potential move toward $150 that could destabilize stocks, while analysts stress that abrupt spikes, unlike stable high prices, abruptly cut household purchasing power and corporate profits, threatening a months-long recession.