Oil Rises as Risks of Prolonged Mideast Conflict Heighten Supply Worries
Brent and West Texas Intermediate both hit six-week highs as analysts warned that Middle East shipping disruptions could keep prices elevated.
- On Tuesday, oil prices extended gains to six-week highs following weekend US-Iran hostilities; Brent crude climbed 1.5% to $97.73 a barrel and West Texas Intermediate rose 1.8% to $93.10, according to CNBC.
- Central Command forces struck three Iranian oil tankers near Kharg Island on Saturday after Iran fired ballistic missiles at two Navy warships, labeling the vessels part of a 'multibillion-dollar shadow network' funding the Revolutionary Guard.
- Iran's parliament speaker condemned the strikes as a 'war crime' and 'economic warfare,' warning, 'Strike our assets and you get struck.' Officials also warned that energy infrastructure across the Gulf remains vulnerable.
- Goldman Sachs raised price forecasts for December 2026 by $5 to $85 and $80, reflecting assumptions of prolonged disruptions; analyst Daniel Hynes of ANZ noted Persian Gulf supply will likely remain constrained through year-end.
- Analyst Ed Meir of Marex projects crude prices will remain elevated through year-end given 'the multitude of issues that have yet to be addressed,' with no return to pre-war throughput expected until early 2027.
36 Articles
36 Articles
Oil rises as risks of prolonged Mideast conflict heighten supply worries
Oil Jumps to 6-Week High as US-Iran Strikes Escalate
Oil jumped to its priciest level in six weeks Monday after US-Iran hostilities over the weekend. Brent crude climbed 1.5% to $97.73 a barrel, briefly nearing $98, while West Texas Intermediate rose 1.8% to $93.10—both peaks not seen since late July, CNBC reports.The moves...
Today ' s oil prices have risen to their highest level in six weeks, at a time when tensions have escalated in the Middle East, leading to a sharp decline in oil supplies from the region.
Oil rose this Monday (7), coming back to the US$100 mark per barrel, after the United States and Iran exchanged new attacks this weekend, contributing to fuelling tensions in the Middle East. Due to the Labor Day holiday in the United States, which left the American markets closed, the pot was of lower volume of negotiations. At the closing, Brent type oil (world reference) with maturity in November had a high of 0.75%, quoted at US$97.00 per ba…
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