Oil reaches multiweek high amid Iran conflict

Oil prices continue to rise significantly due to escalating geopolitical tensions in the Middle East, following Iranian threats of retaliation against American attacks and targeting oil tankers and energy installations. Brent crude has reached its highest level since July, at approximately $98.25 per barrel, while West Texas Intermediate is around $93.70. Expectations suggest that oil supplies will remain constrained into the late first or second quarter of 2027, due to ongoing combat activities and their impact on shipping stability and Gulf oil supplies. Global investment banks, including Goldman Sachs, have raised their oil price forecasts, estimating that prices will stay high until the end of the year, with shipping disruptions expected to continue until 2027.

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