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Oil Prices Stay Elevated as Hormuz Blockade Defies Bessent's Forecast

Yahoo Finance Read original source (opens in a new tab)
The Story

News Summary

  • Despite Treasury Secretary Bessent's May forecast of quick price relief, gasoline remains above $4/gallon for a record 103 days in 2026 as the Strait of Hormuz blockade persists, keeping WTI near $82 and Brent near $88, with elevated prices expected through fall.
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BRENT price history

107.77 +66.00% over the displayed period

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