Oil prices climbed on May 15, with Brent crude futures rising 60 cents to $106.32 per barrel and U.S. West Texas Intermediate crude gaining 54 cents to $101.71 per barrel. This increase is attributed to ongoing concerns over shipping safety in the Strait of Hormuz, where tensions with Iran persist. Despite nearly 30 ships reportedly crossing the strait safely, geopolitical risks remain high, particularly with U.S. President Donald Trump and Chinese President Xi Jinping engaged in critical talks. The International Energy Agency has warned that the market may face severe supply shortages until October, even if hostilities cease soon. A U.S. naval blockade and recent vessel seizures near the strait add to the uncertainty. Analysts from Morgan Stanley highlighted that the oil market is in a precarious position, facing potential disruptions that could tighten supplies even further. Meanwhile, Saudi Aramco's CEO indicated that stability in oil markets might not return until 2027, affecting around 100 million barrels of oil supply weekly.