Oil prices edged higher on Friday, May 15, 2026, as fears of ship attacks and seizures in major maritime routes continued to unsettle markets. Brent crude futures rose by 0.8% to $74.50 per barrel, while U.S. West Texas Intermediate (WTI) crude gained 0.7% to $70.30 per barrel, according to market data.
The gains were driven by persistent geopolitical tensions in the Middle East and the Red Sea region, where attacks on commercial vessels by Houthi rebels have disrupted shipping. The Iran-backed group has targeted ships linked to Israel and its allies since November 2023, leading to increased insurance costs and longer transit times for oil tankers.
Analysts noted that the market remains sensitive to any escalation, as the region accounts for a significant portion of global oil trade. However, gains were capped by a stronger U.S. dollar and mixed demand signals from China, the world's largest oil importer.
Investors are also watching for potential supply disruptions from other hotspots, including tensions between Russia and Ukraine, which have affected energy infrastructure. The International Energy Agency (IEA) has warned that the oil market could face a supply deficit if disruptions persist.
