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Crude oil futures end higher on Friday

16 May 2026 Evaluate

Crude oil futures settled higher on Friday amid rising global supply concerns, as the Strait of Hormuz remained effectively closed. Meanwhile, the U.S.-China summit concluded with no announcement on the likelihood of China liaising with Iran to end the gulf war. However, U.S. President Donald Trump stated that Chinese President Xi Jinping agreed that Iran should not have a nuclear weapon. 

Benchmark crude oil futures for June delivery increased by $4.25 or 4.20% to settle at $105.42 a barrel on the New York Mercantile Exchange. Brent crude for July delivery up by $3.54 or 3.35% to settle at $109.26 a barrel on the New York Mercantile Exchange.