Oil prices surged $7 this week as Iran tensions, Hormuz risks, and weak signals from the Xi-Trump summit overshadow bearish OPEC and IEA demand forecasts. Friday, May 15, 2026 In a week that started off with both OPEC and the IEA slashing their demand forecasts for 2026, oil prices are set for a hefty $7 per barrel week-on-week gain. The much-anticipated Xi-Trump summit in Beijing provided little hope for any short-term market normalization, turning out to be quite thin on commodity-relevant substance. Iran has added fuel to the oil market’s bullish cause by announcing it had ‘no trust’ in the United States and that it was ready to go back to fighting, denting hopes for a swift re-opening of the Strait of Hormuz.   OPEC Cuts 2026 Demand Forecast.…