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

Oil prices flared up as much as 8% this week, ending Friday’s session over 3% higher after remarks from U.S. President Donald Trump and Iran’s foreign minister weakened hopes of a near-term agreement to end ship attacks and seizures around the Strait of Hormuz. Iranian Foreign Minister Abbas Araqchi said on Friday that Tehran has “no trust” in the United States and would engage in negotiations only if Washington showed seriousness. He added that Iran remains ready both for renewed conflict and for diplomatic solutions. Crude oil price this week Brent crude futures settled at $109.26 a barrel, rising $3.54…