Oil prices climb further amid Middle East tensions as Brent tops $97
Fears that the standoff between the US and Iran over the Strait of Hormuz could drag on and disrupt global oil supply pushed crude prices higher. Brent rose to $97.34 a barrel, while US crude WTI climbed to $92.63.
RastinewsGoldman Sachs raised its Brent and WTI price forecasts, assuming Middle East shipping disruptions will persist through 2027. The bank lifted its December 2026 Brent forecast by $5 to $85 a barrel and its WTI forecast to $80.
US Central Command said its forces struck three Iranian oil tankers last Saturday, with one reportedly targeted off Iran's key export hub, Kharg Island.
Maritime intelligence firm Marisk said the strikes marked "a significant escalation in maritime conflict," with commercial tankers now being used as tools of mutual economic pressure.
According to data from analytics firm Kpler, an average of 10 commodity vessels passed through the Strait of Hormuz daily over the past 10 days — the lowest level recorded since May.
Mohsen Rezaei, secretary of Iran's Supreme National Security Council, said a limited measure could be imposed in the Strait of Hormuz in the coming days.