Brent Slips to $110.14 on Iran-U.S. Talks Proposal, Up 4.2% Weekly Amid Hormuz Blockade

Oil prices slipped on May 2, 2026, with Brent at $110.14 and WTI at $103.24 after Iran proposed talks with the U.S., though benchmarks remain on track for weekly gains of 4.2% and 9.2% as the Strait of Hormuz blockade disrupts 20% of global oil and LNG shipments. The surge began March 3 with Iraq's West Qurna 2 shutdown (~460k bpd) and Hormuz closure, accelerating on U.S.-Iran war fears with WTI up 36% weekly by March 9 and Brent peaking at $118.50 on March 19 after strikes on Qatar's Ras Laffan LNG, UAE's Habshan, Exxon's Samref, and Shell's Pearl GTL. Prices held near $113 into April despite IEA's 400 million-barrel release, lifting Chevron's Q1 upstream earnings to $3.9 billion.