$100 Oil Price Target as Iran-US Tensions Drive Crude Prices Higher

Oil prices surged on Tuesday as tensions between Iran and the US continued to rise. Brent crude futures rose by $0.34, or 0.35%, to reach a high of $97.34 per barrel, while US West Texas Intermediate crude climbed to $92.63 per barrel.

The price increase reflects growing concerns over the security of key oil-producing infrastructure and shipping routes in the Middle East. Iran has warned that any further US attacks on its assets would be met with retaliation, which could disrupt energy supplies and drive up prices.

Goldman Sachs has raised its Brent crude forecast to $85 per barrel for December 2026, citing continued disruptions to Middle East shipping. Meanwhile, Marex expects crude prices to remain elevated through the end of the year as long as the conflict continues.