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Middle East strikes revive oil risk premium, pushing Brent above $76
Oilprice says the return of the Middle East geopolitical risk premium added about $4 per barrel this week, helped by Strait of Hormuz traffic moving toward a near-standstill.
Oilprice reports that renewed US-Iran strikes have revived the Middle East risk premium, lifting ICE Brent above $76 as traffic through the Strait of Hormuz slows and supply disruption fears return.
The outlet says the renewed attacks pushed Strait of Hormuz traffic toward a near-standstill, with concerns about continued disruptions outweighing a renewed effort by US President Trump to advance talks with Tehran.
Oilprice adds that the International Energy Agency adjusted its 2026 demand drop expectations to 1.0 million barrels per day in its monthly oil report, while also projecting world oil supply to fall by 3.7 million barrels per day due to ongoing Middle East disruptions.
Separately, the outlet notes that Iran is rushing to export remaining crude, loading 11 million barrels on Thursday as Trump threatened to reimpose a blockade on Iranian outflows via the Gulf of Oman after a short-lived ceasefire deal unraveled.
Latest closeWTI crude $71.84 ▼2.3%|Brent $75.98 ▼2.6%