Middle East Tensions Send Oil Prices Soaring Towards $100
Oil prices surged on Tuesday morning as concerns about Middle East supply disruptions intensified. WTI crude traded near $93.81 per barrel, up 1.3% from Monday's settlement price of $92.65. Brent crude also rose, reaching as high as $99.46 before settling at around $98.36.
The price increases were driven by a series of attacks on Saudi energy facilities and Iranian threats to the US with 'economic warfare.' The Houthi forces, backed by Iran, attacked Saudi oil facilities on Tuesday, forcing operations to halt temporarily and injuring 73 people.
Goldman Sachs has raised its December 2026 Brent and WTI forecasts by $5, citing expectations of continued shipping disruptions into 2027. The bank also warned that oil could reach as high as $120 per barrel if attacks on Middle Eastern shipping intensify.