Why is oil trading steadily despite ongoing Iran war tensions?

Oil was steady ahead of the Trump-Xi talks, as market participants focused on the upcoming U.S.-China summit—where trade, not the Middle East conflict, will be prioritized—while the Strait of Hormuz remains effectively closed due to the unresolved Iran war, which has already cut crude and fuel flows by nearly 6 million barrels per day in Q1.

What is the current status of the Strait of Hormuz and how is it affecting energy supplies?

The Strait of Hormuz is effectively closed due to the Iran war, with crude and fuel flows falling by nearly 6 million barrels per day in the first quarter after hostilities began at the end of February; although a ceasefire has been in place since early April, repeated flareups and lack of progress toward a peace agreement have sustained the disruption, choking off crucial energy supplies.

Oil Steady Ahead of Trump-Xi Talks as Iran War Tensions Simmer

May 13, 2026

Oil prices held steady near $101 per barrel ahead of US-China talks, while ongoing Iran conflict tensions continue to reduce Strait of Hormuz crude flows by nearly 6 million barrels daily.

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