Oil prices rose on fears of war in the Middle East. Now that the U.S. and Israel attacked Iran, disruptions in oil exports could cause prices to spike.

Oil prices rose $10–$12 per barrel over recent weeks. Prices could spike sharply if oil surpasses $125 a barrel.

Goldman Sachs has raised its fourth-quarter 2026 oil price forecast by $6 per barrel due to persistently low OECD inventories, even as it maintains expectations of a global supply surplus next year.

Over the weekend, prices on IG Group’s retail platform jumped, with WTI trading around $75.33 a barrel, roughly 12% above the prior close, while Brent, which settled Friday at $72.48, is now back in “$100 is plausible” territory if the crisis tightens further.

India faces oil price volatility due to the Iran crisis, but structural supply risks remain low, analysts say.

By Amanda Stephenson CALGARY, Feb 26 (Reuters) - The Canadian oil-producing province of Alberta forecast a budget deficit of C$9.4 billion ($6.87 billion) for its 2026/27 fiscal year on Thursday, breaking its own rules on allowable deficit financing and blaming lower global crude prices that have walloped the government's resource revenues.

US-Iran conflict is the dominant issue, pricing in $10/bbl risk premium. Strait of Hormuz blockade could send Brent crude prices surging. Oil prices are unlikely to feel any significant pressure even if OPEC and its allies slightly raise production in April.

The closure of the Strait of Hormuz raises concerns about rising crude oil prices amid escalating tensions in West Asia.

Former Energy secretary warns Iran strike fears could disrupt oil supplies through Strait of Hormuz, but strong U.S. production keeps prices stable.