Crude oil prices rise 10% this week but China enters fray to push for end to Iran war. What’s next?

Crude oil prices surged this week with Brent settling at $96.78 a barrel and WTI at $89.31, posting weekly gains of about 10% and 8.27% respectively, driven by US-Iran tensions, Houthi attacks on Red Sea shipping, and disruptions at the Strait of Hormuz. China and Pakistan are pushing diplomatic efforts to restart stalled US-Iran negotiations to reopen critical Middle East trade routes. JPMorgan warns each additional month of supply disruption could add about $7 to $8 per barrel, potentially pushing Brent to $114, while Goldman Sachs sees Brent hitting $120 if Strait of Hormuz disruptions persist, though both banks expect eventual easing of tensions.