Oil remains above $97 amid Middle East tensions
Oil prices have risen significantly, with Brent surpassing $97 per barrel. This increase is driven by escalating tensions in the Middle East and concerns over potential supply disruptions from the region, especially due to Iran's escalation, threats, and the exchange of attacks between Iran and the United States. This escalation reflects the ongoing restriction of oil supplies until at least the end of 2026, with forecasts suggesting that oil prices could exceed $120 if tensions continue. Meanwhile, Goldman Sachs predicts that prices could return to the $60 to $70 range if Gulf production increases substantially.
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