Commodities
Brent Crude Oil Price Surges Above $96 Per Barrel Amid Escalating Tensions
The price of Brent crude oil has surpassed $96 per barrel for the first time since June 8, 2026. According to trading data, the September futures contract on the London ICE exchange rose by 2.19% to $96.13 per barrel this morning.
This increase is attributed to various factors, including escalation in the Middle East, disruptions in shipping through the Strait of Hormuz, and reduced supplies from Persian Gulf countries.
Analysts from Goldman Sachs have predicted that the cost of Brent could exceed $120 per barrel by the fourth quarter due to these escalating tensions.