WTI crude oil prices surged 4% on May 21, 2026. Prices peaked above $102 per barrel following reports from Iran. Supreme Leader Ayatollah Mojtaba Khamenei banned the export of enriched uranium. This directive rejected a core U.S. and Israeli demand in peace talks.
Investors previously hoped the negotiations would reopen the blockaded Strait of Hormuz. The geopolitical setback reversed a 5.6% price drop recorded on Wednesday. Goldman Sachs reports that oil flows through the corridor are 95% below normal.
Supply fears regarding the closure dragged down global stock markets. WTI crude ultimately settled up 2.3% at $100.54 per barrel.