Oil & GasMon, May 18, 2026 · 5 min read

WTI +11% on the week as Trump calls Iran's proposal 'a piece of garbage.'

WTI closed up 11% on the week as Trump called Iran's peace proposal "a piece of garbage" and the IEA pegged the Hormuz disruption at 10 mb/d — the largest in oil-market history. Plus Berkshire's material Chevron trim, EIA STEO's $106 Brent through Q2, and why Dan Niles thinks the recession setup is starting to get uncomfortable.

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Oil & GasMon, May 18, 20265 min read

Brent +2.6% to $112. Then Trump postpones the Iran strike. Now what.

Brent hit $112, WTI hit $108.66 — highest since early May. Then Trump postponed Tuesday's Iran attack after Qatar, Saudi, and UAE leaders intervened. Crude reversed 2.7% in extended trade. Pakistan-mediated peace talks are alive again. Hormuz still closed. Here's what Monday meant for you.

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