Oil prices extended gains on Friday, May 15, 2026, rising nearly 2% as geopolitical tensions and supply concerns continued to weigh on markets. Brent crude settled at $107.61 per barrel, while West Texas Intermediate (WTI) crude rose to $104.35 per barrel, according to market data.
The increase was driven by ongoing conflicts in key oil-producing regions, including the Middle East and Eastern Europe, which have raised fears of supply disruptions. Analysts noted that the market remains sensitive to any escalation, with inventories already tight due to previous production cuts by OPEC+.
Despite the rise, some traders expressed caution, citing potential demand slowdowns in major economies like China and the United States. The International Energy Agency (IEA) has warned that high prices could dampen global economic growth.
As of May 16, 2026, oil prices have fluctuated within a narrow range, with Brent hovering around $107-$108 per barrel. Market participants are closely watching upcoming OPEC+ meetings and geopolitical developments for further direction.
