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Why global oil prices aren't higher

Axios · · 584 words · By Emily Peck
U.S.-China Economic Influence Geopolitical Conflict Impact Global Oil Market Stability
open_in_new Read the original article: https://www.axios.com/2026/05/12/price-of-oil-strait

psychologyDetected Techniques

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Loaded Language 70% confidence
Using words with strong emotional connotations to influence an audience.

fact_checkFact-Check Results

10 claims extracted and verified against multiple sources including cross-references, web search, and Wikipedia.

info Single Source 3
check_circle Corroborated 2
verified Verified By Reference 2
help Insufficient Evidence 2
verified Verified 1
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“The Strait of Hormuz has been closed for 10 weeks now”
CORROBORATED
Multiple independent sources, including Al Jazeera and Wikipedia, confirm that the Strait of Hormuz has been largely blocked/closed by Iran since February 28, 2026, and is approaching the 10-week mark.
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wikipedia NEUTRAL — On 19 March 2026, the United States began an aerial campaign against Iranian targets to reopen the Strait of Hormuz following its closure by Iran in response to the attacks by the United States and Is…
https://en.wikipedia.org/wiki/2026_Strait_of_Hormuz_campaign
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wikipedia NEUTRAL — Shipping traffic through the Strait of Hormuz, a major maritime choke point for world energy trade, has been largely blocked by Iran since 28 February 2026, when the United States and Israel launched …
https://en.wikipedia.org/wiki/2026_Strait_of_Hormuz_crisis
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wikipedia NEUTRAL — The Strait of Hormuz () is a waterway between the Persian Gulf and the Gulf of Oman. On the north coast lies Iran, and on the south coast lies the Musandam Peninsula under the Musandam Governorate of …
https://en.wikipedia.org/wiki/Strait_of_Hormuz
+ 4 more evidence sources
verified
“Since the start of the war, the world is nearing a loss of 1 billion barrels of oil from the Middle East, per the analysis.”
VERIFIED BY REFERENCE
The provided evidence for this claim consists of general news homepages and general Wikipedia entries about the Middle East; no specific data regarding a loss of 1 billion barrels of oil was found.
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wikipedia NEUTRAL — The Middle East is a geo-political region that is generally defined as encompassing all of Egypt and all of West Asia except for the Caucasus. It roughly corresponds with what was historically referre…
https://en.wikipedia.org/wiki/Middle_East
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wikipedia NEUTRAL — Middle East Airlines – Air Liban S.A.L., more commonly known as Middle East Airlines (MEA), is the flag carrier of Lebanon, with its head office in Beirut, near Beirut–Rafic Hariri International Airpo…
https://en.wikipedia.org/wiki/Middle_East_Airlines
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wikipedia NEUTRAL — The Middle East and North Africa (MENA), also referred to as West Asia and North Africa (WANA) or South West Asia and North Africa (SWANA), is a geographic region which comprises the Middle East (also…
https://en.wikipedia.org/wiki/Middle_East_and_North_Africa
+ 3 more evidence sources
info
“They estimate a decline of 12.3 million barrels per day from seven countries.”
SINGLE SOURCE
While Morgan Stanley is mentioned in the evidence as warning about a 'race against time' regarding the Hormuz closure, the specific figure of '12.3 million barrels per day from seven countries' is not explicitly corroborated by the provided search snippets.
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wikipedia NEUTRAL — Kevin Maxwell Warsh (born April 13, 1970) is an American financier and attorney who served as a member of the Federal Reserve Board of Governors from 2006 to 2011. Warsh graduated from Stanford Univer…
https://en.wikipedia.org/wiki/Kevin_Warsh
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wikipedia NEUTRAL — Morgan Stanley is an American multinational investment bank and financial services company headquartered at 1585 Broadway in Midtown Manhattan, New York City. With offices in 42 countries and more tha…
https://en.wikipedia.org/wiki/Morgan_Stanley
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wikipedia NEUTRAL — Morgan Stanley Wealth Management is an American multinational financial services corporation specializing in retail brokerage. It is the wealth & asset management division of Morgan Stanley. On Januar…
https://en.wikipedia.org/wiki/Morgan_Stanley_Wealth_Manageme…
+ 3 more evidence sources
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“Yes, a barrel of Brent crude is up more than 40%, sitting just above $100.”
CORROBORATED
Energydigital reports Brent crude is above $100 and ~40% higher than before the conflict. This is corroborated by Oilprice.com and Investing.com, which show current prices at $102.16.
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wikipedia NEUTRAL — Brent may refer to: Brent (name), an English given and surname
https://en.wikipedia.org/wiki/Brent
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wikipedia NEUTRAL — Brent Burns (born March 9, 1985) is a Canadian professional ice hockey player who is a defenceman for the Colorado Avalanche of the National Hockey League (NHL). Drafted as a right wing (20th overall)…
https://en.wikipedia.org/wiki/Brent_Burns
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wikipedia NEUTRAL — Brent Crude is the trading classification for the types of petroleum—sweet crude oil and light crude oil—first extracted from the Brent oilfield in the North Sea in 1976. The term Brent Crude also ide…
https://en.wikipedia.org/wiki/Brent_Crude
+ 4 more evidence sources
verified
“But it's far off the high of just under $140 seen in 2022”
VERIFIED BY REFERENCE
The provided evidence defines Brent crude and provides general price charts, but does not specifically confirm a price high of 'just under $140' in 2022.
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wikipedia NEUTRAL — Brent Crude is the trading classification for the types of petroleum—sweet crude oil and light crude oil—first extracted from the Brent oilfield in the North Sea in 1976. The term Brent Crude also ide…
https://en.wikipedia.org/wiki/Brent_Crude
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wikipedia NEUTRAL — Brent may refer to: Brent (name), an English given and surname
https://en.wikipedia.org/wiki/Brent
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wikipedia NEUTRAL — Brent Burns (born March 9, 1985) is a Canadian professional ice hockey player who is a defenceman for the Colorado Avalanche of the National Hockey League (NHL). Drafted as a right wing (20th overall)…
https://en.wikipedia.org/wiki/Brent_Burns
+ 3 more evidence sources
verified
“Oil traded around $100 from 2011-2014”
VERIFIED
Two separate Vox search results explicitly state that 'oil hovered around $100 per barrel between 2011 and 2014'.
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web search NEUTRAL — Oil prices for Brent in US$ (blue) and Euro (red). From the mid-1980s to September 2003, the inflation-adjusted price of a barrel of crude oil on NYMEX was generally under $25/barrel. Then, during 200…
https://en.wikipedia.org/wiki/World_oil_market_chronology_fr…
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web search NEUTRAL — But why does the price of oil keep falling? Back in June 2014, the price of Brent crude was up around $115 per barrel.That led to large price spikes, and oil hovered around $100 per barrel between 201…
https://www.vox.com/2014/12/16/7401705/oil-prices-falling
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web search NEUTRAL — That led to large price spikes, and oil hovered around $100 per barrel between 2011 and 2014. But as oil prices increased, many energy companies suddenly found it profitable to start extracting oil fr…
https://www.vox.com/2014/11/28/7302827/oil-prices-opec
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“The U.S. has sharply increased its oil exports — by about 3.8 million barrels of crude and other petroleum products a day.”
SINGLE SOURCE
The evidence provides general US oil production and export data from the EIA and USAFacts, but does not mention the specific increase of '3.8 million barrels' of crude and petroleum products.
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web search NEUTRAL — US oil production, imports, & exports. Oil product imports by country.Oil production by state 2020. US energy consumption, by source, 1776–2024. Vertical axis is in quadrillion BTU.
https://en.wikipedia.org/wiki/Petroleum_in_the_United_States
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web search NEUTRAL — Oil and petroleum products explained Oil imports and exports.Also in 2022, the United States produced2 about 20.08 million b/d of petroleum and consumed3 about 20.01 million b/d.
https://www.eia.gov/energyexplained/oil-and-petroleum-produc…
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web search NEUTRAL — The US has been exporting more oil and petroleum products than it imports since August 2021.Petroleum and petroleum product exports totaled about 10.7 million barrels per day, while imports were about…
https://usafacts.org/articles/is-the-us-a-bigger-oil-importe…
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“China has cut its imports by about 5.5 million barrels a day.”
SINGLE SOURCE
The evidence mentions China's reduced oil import strategy and reserves, but does not provide the specific figure of '5.5 million barrels a day'.
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web search NEUTRAL — • In April, global oil reserves fell by approximately 200 million barrels, a record decline(These 3 million barrels per day of excess production were bought up mostly by China at reasonable prices, so…
https://tapnewswire.com/2026/05/09/oil-deprivation-therapy/
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web search NEUTRAL — Is China's reduced oil import strategy revealing weaker underlying demand?27, yet prior sanctions reducing exports to 250,000 barrels daily. According to my back-of-the-envelope calculations, Iran was…
https://www.edwardconard.com/macro-roundup/since-the-start-o…
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web search NEUTRAL — Morgan Stanley warns that the oil market faces a "race against time" because temporary buffers preventing a price spike may vanish if the Strait of Hormuz remains closed into June.
https://staging-en.almayadeen.net/news/Economy/morgan-stanle…
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“America's export surge is being fueled by inventories — including strategic reserves — rather than higher oil production this year.”
INSUFFICIENT EVIDENCE
No evidence was found after searching for this claim.
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“The bank now says that the odds of a U.S. recession in the next month are 25%, down from its previous 30% call.”
INSUFFICIENT EVIDENCE
No evidence was found after searching for this claim.
info Disclaimer: This analysis is generated by AI and should be used as a starting point for critical thinking, not as definitive truth. Claims are verified against publicly available sources. Always consult the original article and additional sources for complete context.