May 15 - Oil prices moved higher Friday as traders weighed continued concerns about attacks and seizures at sea alongside persistent supply tightness.
By 0100 GMT, Brent crude futures had gained 60 cents, or 0.57%, reaching $106.32 a barrel. U.S. West Texas Intermediate futures rose 54 cents, or 0.53%, to $101.71.
Maritime incidents and transit figures
Market attention remained on a series of maritime events. On Thursday, a vessel was reported seized by Iranian personnel off the United Arab Emirates and was being moved toward Iranian waters. Separately, an Indian cargo vessel carrying livestock from Africa to the United Arab Emirates was sunk on Wednesday in waters off the coast of Oman.
Iran's Revolutionary Guards reported that about 30 vessels had crossed the Strait of Hormuz since Wednesday evening. The statement noted that this number remains well below the roughly 140 daily transits typical before the war, but would represent a substantial increase in traffic if confirmed.
Diplomatic signals
Leaders from the United States and China were set to continue talks in Beijing, with a second day of discussions planned. The White House said U.S. President Donald Trump and Chinese President Xi Jinping had agreed on the need to keep the nearby Strait of Hormuz shipping lane open.
U.S. Trade Representative Jamieson Greer told Bloomberg on Friday morning that China was being very pragmatic about involvement with Iran, and that it was important to China to have the Strait of Hormuz open.
Market interpretation
Analysts pointed to supply-side pressure as the dominant influence on oil prices. Yang An, an analyst at Haitong Futures, said market momentum remained tilted by tight supply. He noted:
"Oil prices swung several times yesterday but still closed near the day’s high,"
"Ships passing through the strait eased some market concerns, but not enough to change the strong trend driven by tight supply."
Those comments encapsulate the market's dual focus: immediate security-related risks to shipping and the underlying constraint on available oil volumes.
Implications for markets and trade
The combination of episodic maritime incidents and limited but rising vessel transits through a key chokepoint kept traders alert. While some movement through the Strait may have reduced short-term alarm, the numbers reported remain far below pre-war daily averages, leaving uncertainty about the durability of supply flows. The diplomatic attention from major powers on keeping the Strait open added a political dimension that market participants tracked alongside physical shipping developments.
Overall, the market reaction was modest but cautious: prices rose, but trading reflected sensitivity to both the headline incidents and the persistent signal that supply conditions are tight.