Oil Set for Deep Weekly Loss as Hormuz Traffic Starts to Pick Up

An oil pumpjack at the Inglewood Oil Field in Culver City, California, US, on Monday, May 4, 2026. With the US-Iran war creeping into its third month, oil traders are hedging against divergent outcomes tied to US inventories as the newly anointed top crude exporter faces unprecedented pressure to meet global demand. Photographer: Kyle Grillot/Bloomberg