Oil Prices Surge to $90.55 as Middle East Tensions Persist
Oil prices have surged to $90.55 per barrel as geopolitical tensions in the Middle East persist, causing supply disruptions and keeping global energy markets on edge.
The Strait of Hormuz crisis has effectively closed one-fifth of global crude oil trade, with tankers rerouting through longer, more expensive paths around Oman, adding time and cost to global energy delivery.
Energy analysts warn that even a partial reopening of the Strait would not immediately resolve price pressures, as structural damage to regional production capacity from the ongoing conflict has created a supply deficit.
Major energy forecasters expect oil prices to remain in the $85-to-$90 range through the third quarter of 2026, with Goldman Sachs forecasting Brent crude to trade between $80 and $90 per barrel until either a new U.S.-Iran agreement emerges or supply conditions stabilize.