WTI Spikes to $105.42 as Hormuz Risks Persist After Trump-Xi Summit

WTI crude surged to $105.42 per barrel on May 15, gaining nearly 4% that day and 10.5% for the week, as geopolitical tensions around the Strait of Hormuz intensified. The failed Trump-Xi summit produced no progress on reopening the strait or easing U.S.-Iran frictions, leaving supply fears elevated after ship seizures and a 4.3 million barrel U.S. inventory draw. Earlier in the week prices had eased on transit reports and profit-taking before reversing sharply on IEA warnings of severe undersupply through October.