Global crude oil prices are likely to remain in the $100 to $110 a barrel mark for the month of May as two benchmarks witnessed fluctuations on Saturday. Brent crude surged by 0.19 per cent while the WTI fell 0.14 per cent amid prevailing uncertainties in the Middle East.
According to the latest reports on May 8, ship-tracking data showed no large vessel had transited through the Strait of Hormuz after the US and Iran reported fresh clashes in the waterway.
The US energy services company Baker Hughes stated in its closely watched report that US energy enterprises increased the oil and natural gas rig count for the third consecutive week since February.
Data showed that for the week ending May 8, the total US oil and natural gas rig count — a leading indicator of future production — increased by 1 to 548, the highest since early April.
While reports of disruption continue to hammer the global supplies, Saudi Arabia's main oil company, Aramco, and the UAE's National Oil Company (Adnoc) have continued to transport crude oil cargoes through the strait.
Though the volume of shipment had decreased by more than 90 per cent since the war broke out in February.
According to sources, Adnoc was among the first companies to attempt shipping crude oil, fuel, and natural gas cargoes out through the strait.
According to US Treasury estimates, Brent crude is set to average $110 in Q2 2026, then decline to $95 in Q3 and $80 in Q4. Fitch expects Brent crude to remain at $100–110 per barrel during the Strait of Hormuz blockade from May to July, before pulling back to $70 per barrel by September.
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