Brent jumps to $105 per barrel

Brent crude climbed to about $105 a barrel on Friday, May 22, as oil traders weighed renewed doubts over U.S.-Iran talks against the risk of disruption in the Strait of Hormuz. Reuters-cited pricing carried by Yahoo Finance and other outlets showed Brent up $3.30, or 3.2%, at $105.88 a barrel by 0845 GMT, while U.S. crude also gained. ICE data for the July 2026 Brent contract later showed a last price of $104.250 at 9:59 p.m. GMT on May 22, up 1.628% on the day. The move followed a burst of social-media posts that tied Gulf tensions to Iran and to the shipping corridor that carries a large share of global seaborne crude. ### Why did Brent move so fast on May 22? Friday’s rally coincided with market concern that no quick breakthrough was emerging in U.S.-Iran negotiations. Reuters, in reports carried by Yahoo Finance, EnergyNow and RTÉ, said investors doubted the prospect of a breakthrough in the talks and continued to focus on supply risk linked to the Strait of Hormuz. Those reports also said Brent and WTI were still heading for weekly losses even after the day’s rebound. (finance.yahoo.com) Social-media posts added to that move. The post referenced in the source briefing said Brent was at $105 and linked the gain to Hormuz concerns and reports of Iranian military preparations and warnings of wider, “extra-regional” scenarios. Those claims circulated widely online, but the price move visible in market data was also consistent with broader reporting on stalled diplomacy and shipping-route risk. (finance.yahoo.com) ### Why does the Strait of Hormuz keep showing up in oil moves? The Strait of Hormuz is the narrow waterway between the Persian Gulf and the Gulf of Oman that traders watch whenever Iran tensions rise. Reuters-cited coverage on May 22 said concerns over possible supply disruptions through Hormuz continued to support the market as negotiations remained uncertain. The route matters because a disruption there can affect exports from major Gulf producers and quickly feed into freight, insurance and benchmark prices. (finance.yahoo.com) Firstpost reported on May 23 that banks including Barclays and Citi had warned of escalating risks to global oil markets tied to disruption around Hormuz. That report described fears of tighter supply, higher inflation pressure and rising shipping costs if the corridor were threatened. (timesofindia.indiatimes.com) ### Did Brent actually close at $105? ICE Futures Europe data show the front July 2026 Brent contract at $104.250 at 9:59 p.m. GMT on May 22. Reuters-cited intraday pricing earlier in the session put Brent at $105.88 by 0845 GMT, which means Brent traded above $105 during the day even though the ICE last price later shown for the contract was lower. A separate Trading Economics page listed Brent at $103.94 on May 22, reflecting a different market feed and methodology. (firstpost.com) That distinction matters because headlines often refer to intraday highs or live futures quotes, while exchange pages may show a later last price for a specific contract month. In this case, the available data support the narrower formulation that Brent traded around or above $105 on May 22 rather than settled there. ### Was this only about social-media posts? (ice.com) The clearest verified driver in reported market coverage was uncertainty over U.S.-Iran talks. Reuters-cited reports said traders were reacting to opposing positions over Tehran’s uranium stockpile and to the possibility that tensions could threaten flows through Hormuz. The social-media posts appear to have amplified that concern rather than created it on their own. (ice.com) On the next trading sessions, ICE Brent futures pricing, any formal statements from U.S. and Iranian officials, and any shipping or insurance notices tied to the Strait of Hormuz are likely to be the first hard markers traders watch. (ice.com) (energynow.com)