Post by Proshare (@Proshare)

Brent crude is trading near US$110 per barrel as of Tuesday, 5 May 2026, with spot and near-term price behaviour reflecting a market contending simultaneously with a contested Strait of Hormuz, approximately 11 million barrels per day of effectively sidelined Middle East production, and forward contracts for December 2026 already pricing in sustained tightness at US$91 per barrel for Brent and US$85 per barrel for WTI.

The U.S.-Iran confrontation in the Gulf has moved from diplomatic posture to active kinetics, with Iranian missile strikes on UAE refinery infrastructure at Fujairah and targeted tanker attacks signalling that physical supply risk remains structurally elevated rather than episodic. OPEC+ has proceeded with a modestly scaled production increase of 188,000 barrels per day for June 2026, fractionally below the April and May adjustments, a signal that the bloc is maintaining nominal adherence to its output strategy even as effective deliverability from Gulf producers is materially impaired.

Read more: https://proshare.co/articles/us-moves-to-break-irans-chokehold-on-hormuz-oir-050526?menu=Economy&classification=Read&category=Oil

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