WTI Crude Climbs Above $96 as U.S.-Iran Talks Stall, Strait of Hormuz Remains Closed

According to international energy agencies, WTI crude futures climbed above $96 per barrel on Monday (May 5), recovering from the prior trading day’s decline. U.S. President Trump has directed negotiators to pause talks with Iran, while Iranian President Pezeshkian reiterated that Tehran will not participate in negotiations “under threats or blockade.” The Strait of Hormuz remains effectively closed, and the U.S. naval blockade continues to restrict Iranian crude exports.

The conflict has entered its ninth week, triggering what the International Energy Agency describes as the largest energy supply shock on record. This has intensified inflationary pressures and posed headwinds to global economic growth, with ongoing supply constraints expected to maintain upward pressure on energy markets.