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Oil prices climb as Iran-U.S. tensions threaten supply, with inventories hitting record lows.

Market News
17 May 2026
CNBC
View Source
Bearish
pluang ai news

Oil prices rose sharply due to ongoing tensions between Iran and the U.S., which have kept the Strait of Hormuz largely closed, restricting a vital oil supply route. President Trump warned Iran of escalating conflict risks, intensifying fears of a prolonged supply crunch. The International Energy Agency reported global oil inventories are depleting at a record pace, nearing historic lows, which could lead to future price spikes if demand remains steady. This situation underscores the fragile state of peace talks and the potential for further market volatility.

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