Brent crude jumps to $109.26

Brent crude settled at $109.26 a barrel on Friday, capping a weekly gain of about 7.5% as traders priced in the risk that disruption around the Strait of Hormuz could persist. Reuters reported the move followed comments from U.S. President Donald Trump and Iran’s foreign minister that further weakened hopes for a deal to end ship attacks and seizures around the waterway. CME Group data showed Brent Last Day Financial futures at $109.24 late Friday, with the contract last updated at 5:28 p.m. CT. India’s foreign exchange reserves rose by $6.295 billion to $696.988 billion in the week ended May 8, according to Reserve Bank of India data reported on Friday. The increase brought reserves back near the $700 billion mark after several weeks of declines during the West Asia crisis. Gold reserves accounted for most of the increase, rising by $5.637 billion to $120.853 billion. (money.usnews.com) Posts on social media also pointed to a U.S. military buildup, including B-2 bombers, F-35 fighters and refueling aircraft. Open-source reporting has documented an earlier U.S. movement of additional airpower toward the Middle East, though U.S. Central Command declined to comment in one February report by Air & Space Forces Magazine. (ndtvprofit.com) ### Why did oil jump this week? Reuters said Brent gained more than 3% on May 15 alone after Trump and Iran’s foreign minister made comments that dented hopes for an agreement to halt ship attacks and seizures around the Strait of Hormuz. By 10:49 a.m. CDT on Friday, Brent was up 3.06% at $108.96, and the weekly gain had reached 7.54%, according to the Reuters market report. (airandspaceforces.com) The Strait of Hormuz remains central because it is the shipping route traders are watching for any escalation in attacks, seizures or blockages. Reuters’ Friday report tied the latest price rise directly to those concerns rather than to a change in physical supply data. ### What does the $109.26 price actually represent? (money.usnews.com) The $109.26 figure was the settlement price for Brent crude futures on May 15, according to Reuters. CME Group’s Brent Last Day Financial contract showed a nearly identical late reading of $109.24, reflecting exchange-traded pricing into the U.S. close. (money.usnews.com) Trading Economics separately showed Brent at $109.24 on May 15, up 3.33% on the day. That secondary market snapshot matched the direction and level seen in exchange data. ### Why are India’s reserves part of this story? India’s reserves matter because higher oil prices can increase the country’s import bill and put pressure on the rupee, though that link should be assessed over time. (money.usnews.com) RBI data showed reserves had previously fallen to $690.693 billion, and the central bank’s stockpile had reached a record $728.494 billion in the week ended February 27 before the West Asia crisis. (tradingeconomics.com) The latest weekly increase was driven mainly by gold, while foreign currency assets rose by $562 million to $552.387 billion. That means the rebound in reserves did not come primarily from a broad jump in foreign-currency holdings. ### What is verified about the U.S. military buildup? Air & Space Forces Magazine reported on February 17 that the United States had moved significant airpower toward the Middle East, including fighter aircraft and support assets, based on flight-tracking data and people familiar with the matter. (ndtvprofit.com) The report said some aircraft types matched those used in the June 2025 Operation Midnight Hammer strike on Iranian nuclear facilities, while U.S. Central Command declined to comment. The same report said the region already had multiple squadrons of F-35 fighter jets, alongside F-15Es, A-10s and other aircraft, and noted maritime patrol flights near the Strait of Hormuz. I could not independently verify from primary U.S. government sources, in the material reviewed, the specific social-media claim that B-2 bombers and tankers were on “high alert” on Saturday. (airandspaceforces.com) ### What should traders watch next? CME Globex trading hours for Brent resume on Sunday evening, according to CME Group’s contract page. Investors will be watching the next quoted Brent price, any reported vessel movements through the Strait of Hormuz, and fresh public statements from U.S. and Iranian officials. (cmegroup.com) (airandspaceforces.com)