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Oil Prices Rise on War Concerns
Oil prices have risen significantly, with Brent crude reaching its highest level in six weeks amid escalating tensions in the Middle East and growing concerns over prolonged conflict and its impact on energy supplies. The mutual attacks between Iran and the United States, along with the military escalation in the region, have increased the likelihood of disruptions or restrictions on oil supplies from the Gulf, especially through the Strait of Hormuz. In response, Goldman Sachs has raised its oil price forecasts to $85 per barrel for Brent and $80 for West Texas Intermediate by December 2026, expecting prices to continue rising throughout 2027 due to ongoing tensions.
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