Crude oil surges 8% in a week to near $110 as Iran war tensions simmer again. Where are prices headed?
- Posted on May 16, 2026
- By Business News Today
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- 1 min read
Crude oil surges 8% in a week to near $110 as Iran war tensions simmer again. Where are prices headed?
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.
