Middle East Tensions Send Oil Prices Soaring to Near $100
The price of oil has surged to near $100 per barrel as tensions in the Middle East escalate between the US and Iran. Brent crude oil is currently trading at $99, while West Texas Intermediate (WTI) oil has reached $93.
Analysts say that supply risks continue to drive up oil prices, with Goldman Sachs revising its forecasts for Brent and WTI by $5. The firm believes that shipping disruptions will continue into 2027, which could lead to higher prices until the end of 2026 if a supply cut from the Persian Gulf is implemented.
The daily chart for WTI crude oil shows a breakout above the triangle pattern at $87, with an immediate target of $97. The price remains above key moving averages and the RSI readings support the positive momentum. However, the market may remain highly volatile as the rally depends heavily on geopolitical tensions.