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Commodities

Oil Prices Soar on Middle Eastern Tensions, Global Demand Forecast Adjustments

Guavy AI Editorial Team
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Oil
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World oil prices increased by more than 7% last week due to tensions in the Middle East, with WTI crude oil rising from $77.08 per barrel at the end of the previous week to $82.40 per barrel.

Brent oil also saw a significant increase, going up from $82.21 per barrel to $88.60 per barrel.

The upward momentum was limited by organizations lowering their global oil demand forecast for 2026 and data showing a sharp decrease in oil exports from the US.

US crude oil inventories recorded the largest weekly increase since January, with a rise of 17.4 million barrels to 424.4 million barrels.

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