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Commodities

Middle East Tensions Fuel Oil Price Surge

Guavy AI Editorial Team
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Oil
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Oil prices have continued to rise as concerns over supply disruptions in the Middle East deepen. The risk of a prolonged conflict in the region has increased, following Iran's threat to retaliate against any new US strikes on its assets.

Brent crude futures rose by $0.34, or 0.35%, to $97.34 per barrel, while US West Texas Intermediate crude gained $1.15, or 1.26%, to $92.63 per barrel.

Goldman Sachs has raised its forecasts for Brent and WTI crude prices, anticipating that shipping disruptions in the Middle East will persist through next year.

Financial services platform Marex also expects crude prices to remain elevated through the end of 2026, citing ongoing regional tensions as a key factor.

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