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Oil firms near one month highs as Iran-Hormuz tensions escalate
Goldman Sachs cautioned Brent could rise above $120 per barrel in the fourth quarter and average $100 through 2027 if disruptions to the Strait of Hormuz persist.
Tensions in the US-Iran conflict and the Strait of Hormuz escalated, helping lift oil prices toward one month highs, as the US continued strikes and reports of tanker attacks circulated through the session, according to Forexlive, citing regional and media updates.
Forexlive said the US is nearing a decision between a 10 day ceasefire aimed at reopening the strait and a broader joint campaign with Israel, while Iran’s Revolutionary Guard and other Iranian sources claimed strikes against US assets, including near the strait and at locations in Bahrain and Kuwait.
The report also highlighted uncertainty around how far additional strikes could change Iran’s negotiating posture, with US intelligence officials described as pessimistic about further action affecting Iran’s stance.
Separately, the session included a tariff development, with Trump announcing additional tariffs of up to 50% on certain Canadian goods, while Canadian Prime Minister Mark Carney emphasized continued willingness to negotiate rather than immediate retaliation.