Oil Price Today (May 1): Crude oil holds above $110/barrel. What lies ahead?

May 1, 2026

Oil prices stay above $110 a barrel as the Middle East conflict enters its second month. The Strait of Hormuz remains blocked, impacting global supply. Peace talks are stalled, with expectations of a swift agreement fading. Fresh attacks and potential US military strikes are pushing prices higher. Analysts warn of further price increases if the situation escalates.

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