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Singapore: Oil prices climbed on Friday, May 1, 2026, as persistent disruptions to shipping through the strategic Strait of Hormuz and stalled US-Iran talks heightened concerns over global supply.
Brent crude futures for July delivery rose 89 cents, or 0.8%, to $111.20 a barrel, while US West Texas Intermediate (WTI) crude gained 37 cents, or 0.4%, to $105.44 a barrel.
Both benchmarks were on track for strong weekly gains, with Brent set to rise about 5.7% and WTI heading for a 11.7% increase, supported by supply concerns and ongoing geopolitical tensions.
