Instead, rising tensions in the Gulf, together with tighter Western sanctions, have this year caused prices to rise by around 20%. Regional conflict and, in particular, a blockage of the Strait of Hormuz—which carries around 15m barrels per day (b/d), roughly a third of global seaborne flows—could push prices towards $100.

Economists and oil market analysts have raised their oil price forecasts for 2026, with Brent and WTI expected to average above $60 per barrel, primarily due to rising geopolitical tensions and the war premium from the U.

U.S. and Israel strike several locations in Iran, which responds with missile attacks on Gulf nations.

Oil remains above $70 despite a massive U.S. inventory build as Iran tensions and Strait of Hormuz risks embed a geopolitical premium into crude prices.

OPEC+ has a history of raising oil output to cushion disruptions, but analysts said the group currently has little spare capacity to add to supply.

Oil traders brace for big moves next week as the fallout from U.S. and Israeli strikes on Middle East oil supply stays unclear.

Oil prices were set to end the week on a stronger footing after talks between the U.S. and Iran over a deal to end Tehran's nuclear ambitions failed to end in agreement. Front-month April futures for West Texas Intermediate crude climbed 3.

Tensions between the United States and Iran have caused an increase in oil prices across the country and here in New Jersey, according to experts.

Escalating tensions in West Asia have driven up crude oil prices, threatening India's heavily import-reliant economy. Higher crude oil prices can raise India's import bill, widen its current account deficit,