Oil Prices Surge Amid Strait of Hormuz Tensions

Global oil prices continue to rise due to Middle East geopolitical fears and military tensions surrounding the Strait of Hormuz. Brent crude, the benchmark for global oil prices, rose by 34 cents to $97.34 per barrel in market trading on Tuesday.

The price gain is part of an ongoing upward trajectory driven by concerns over potential disruptions to oil transport through the strait, a vital energy corridor. The Strait of Hormuz connects the Persian Gulf to the Gulf of Oman and is a critical shipping lane for global crude oil supplies.

Goldman Sachs has revised its December 2026 Brent crude price forecast upwards to $85 per barrel from an earlier estimate of $80. The bank also adjusted its WTI forecast to $80 per barrel, anticipating continued upward momentum through the end of the year alongside ongoing Mideast conflicts.