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Oil prices near $100 as Middle East hostilities raise supply fears
Brent crude futures rose about 2.3% toward $98.50 per barrel, while WTI gained about 2.7% to around $94, as disruptions involving Saudi shipping and Iranian tankers stoked concerns about tightened supply.
Oil prices climbed toward key levels on Tuesday as a renewed wave of Middle East hostilities heightened worries about supply tightness. Brent crude futures (BZ=F) rose roughly 2.3% to trade near $98.50 per barrel after briefly moving above $99, while US benchmark WTI futures (CL=F) gained about 2.7% to around $94.
Pressuring the market, reports said Saudi Arabia halted operations at energy facilities across its southern region, after attacks claimed by the Houthi militant group that has been blockading Saudi oil shipping out of the Red Sea. The flare-up came alongside reports of intensified US and Iran activity over the past two weeks, adding to fears of further disruption to crude flows.
According to Yahoo Finance, the United States struck three Iranian government crude oil tankers after Iran's Revolutionary Guard Corps launched ballistic missiles at two US Navy warships, with two tankers permanently disabled and the third destroyed, while no US service members were harmed. With the conflict now in its sixth month and a broader global supply deficit, Goldman Sachs lifted its oil price targets, according to the report.
Goldman’s oil strategy desk raised its outlook, with December targets for international Brent and US WTI futures moved up to $85 and $80 per barrel, respectively. For 2027, the strategists projected Brent around $80 and WTI around $75, citing the combination of Middle East flare-ups and shipping disruptions that have kept uncertainty elevated for oil traders.
Latest closeWTI crude $97.01 ▲4.3%|Brent $102.05 ▲4.2%