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Crude oil jumps 8% in a week near 110 as Iran talks sour and Hormuz reopening hopes fade
Economy
Published on 16 May 2026
The Strait of Hormuz reopening bet just slipped fast
Crude oil surged nearly 8% over the week, pushing Brent to $109.26 and WTI to $105.42, as renewed U.S. and Iran rhetoric dimmed hopes for a quick deal on ship attacks near the Strait of Hormuz. While a ceasefire remains, expectations for rapid reopening have weakened, raising fears of longer disruptions to oil and LNG flows through a route carrying nearly one-fifth of global supplies. Analysts warn pricing could stay volatile if Hormuz closure drags into June or beyond.
- Brent closed at $109.26, up 3.35% on Friday
- WTI ended at $105.42, up about 4.2% on Friday
- Week gain: Brent +7.84% and WTI +10.48%
- Morgan Stanley calls it a time-sensitive “race” on Hormuz reopening
- Saudi Aramco estimates stability in oil markets could take until 2027
- About one-fifth of global oil and LNG flows through Hormuz
Read the full story at The Economic Times
This summarization was done by Beige for a story published on 
The Economic Times