Crude oil surges 8% in a week to near $110 as Iran war tensions simmer again. Where are prices headed?

May 16, 2026

Oil prices surged this week as U.S. President Trump and Iran’s foreign minister exchanged remarks, dampening hopes for a near-term agreement on ship attacks around the Strait of Hormuz. Brent crude futures rose 7.84% and WTI gained 10.48% amid uncertainty over the fragile ceasefire and the potential for prolonged disruptions to vital oil and LNG flows.

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Oil slips after OPEC+ agrees to raise output targets

Oil prices dipped as OPEC+ agreed to boost output from August, with key producers seeing recovering exports via the Strait of Hormuz. Despite the planned

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Analysts back buy-on-dips strategy as Nifty targets 24,450–24,800

Indian stock market analysts are optimistic, anticipating the Nifty to continue its upward trend. They suggest buying on dips around the 24,000-24,150 mark, with potential

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