Published • loading... • Updated
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.
Insights by Ground AI
Podcasts & Opinions
48 Articles
48 Articles
Oil rises as risks of prolonged Mideast conflict heighten supply worries
·London, United Kingdom
Read Full Article
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...
·Miami, United States
Read Full Article
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.
·Syrian Arab Republic (the)
Read Full ArticleCoverage Details
Total News Sources48
Leaning Left4Leaning Right4Center6Last UpdatedBias Distribution43% Center
Bias Distribution
- 43% of the sources are Center
43% Center
L 29%
C 43%
R 28%
Factuality
To view factuality data please Upgrade to Premium
