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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