Brent Crude Surges to $94 as Market Prices Supply Story Ahead of Trump's Economic D-Day

The oil market has been volatile in 2026, with Brent crude prices surging to $94.24 on Friday, their strongest print since July, and WTI for October delivery reaching $86.94.

Both benchmarks have gained over 5% in the past five sessions, with Brent adding more than 7% and WTI climbing over 8%, taking both to their highest levels since July 24.

The run-up to this level was swift, with Thursday's settle at $93.78 for Brent and a 2.7% move to $86.64 for WTI on the same day.

However, context is crucial here, as oil prices have swung wildly in recent months, hitting $118 in April before plummeting to $72 in June after the Washington-Tehran memorandum of understanding.