Oil Prices Hover Near $100 as Hormuz Closure Cuts OPEC Production by 30 Percent and Trump Xi Discuss Strait Reopening

Brent crude hovers around $110 per barrel on May 14 as the de facto closure of the Strait of Hormuz has shut in more than 14 million barrels per day of oil, cutting OPEC production by 30 percent or 9.7 million bpd since the Iran war began. Trump and Xi discussed keeping the strait open during their Beijing summit, while the IEA projects global inventories will fall by 8.5 million barrels per day in Q2 2026 before prices ease to $89 per barrel by Q4 as Middle East production gradually recovers.