Texas Oil Rises 0.26% Amid US-Iran Talks

The price of Texas crude oil saw a modest increase of 0.26% on Friday, May 22, 2026, closing at $96.60 per barrel. This movement occurred as market participants closely watched the ongoing diplomatic efforts between the United States and Iran, which aim to de-escalate the regional conflict. The situation in the Strait of Hormuz remains a key concern, contributing to market volatility.

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There was a 'slight advance' in the conversations with Iran.

US Secretary of State Marco Rubio indicated a "slight advance" in the discussions with Iran, yet he also issued a stern warning against Tehran attempting to control the vital Strait of Hormuz. Meanwhile, US President Donald Trump expressed optimism, stating that Iran is eager to reach an agreement to end the conflict. He emphasized the impact of US sanctions, asserting that Iran "dies to make a deal" and reiterated the US stance against Iran acquiring nuclear weapons.

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Iran dies to make a deal. We'll see what happens, but we hit them hard, and we had no choice, because Iran cannot have a nuclear weapon.

Market analysts, such as those at ING, are observing the situation for "signs of progress" toward a potential accord. However, they also acknowledge the prevailing uncertainty, noting that past attempts at agreements have faltered. This skepticism suggests that a significant portion of the market will approach positive signals with caution. The ongoing volatility in hydrocarbon prices and stock markets is directly linked to the developments surrounding the Strait of Hormuz.

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Markets are looking for 'signs of progress' in a possible agreement between the two parties. While there are indications of optimism, uncertainty reigns.

The International Energy Agency (IEA) has issued a stark warning regarding global oil reserves. IEA Executive Director Fatih Birol highlighted that the buffer provided by commercial oil stockpiles, accumulated before the Middle East war and the closure of the Strait, will be exhausted in a matter of weeks. The agency's latest report indicates that the closure has already removed over 1 billion barrels from the market, with more than 14 million barrels per day being held back from reaching global consumers.

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The cushion offered by commercial oil reserves accumulated before the war in the Middle East and the closure of the strait will run out in a matter of weeks.