Oil Prices Surge as Geopolitical Tensions Mount

Oil prices have continued their upward trend, with Brent crude trading near $89.63 per barrel and West Texas Intermediate (WTI) climbing to $83.91.

This marks a fifth consecutive gain for Brent, which has held above $89 on Wednesday after rising 1.55% on the day and nearly $10 per barrel higher week-over-week.

The rally is largely driven by geopolitical supply risks, including continued disruptions in the Middle East due to the conflict-linked shutdown of oil production facilities.

According to the Energy Information Administration (EIA), approximately 5.5 million barrels per day remain shut in globally, with most regional production expected to return to pre-conflict averages in early 2027.

The EIA also forecasted Brent crude to average $86.81 per barrel in 2026 and WTI at $80.88, but current prices sit above these targets due to ongoing supply disruptions.