Nicosia, Cyprus. Oil prices remained elevated for a third consecutive day as the Middle East crisis intensified, raising concerns over potential global supply disruptions. Fears of a possible closure of the Strait of Hormuz continued to support crude prices.
Brent and WTI extend gains
Brent crude was at $78.83 a barrel, up 1.10%, at around 03:10 Cyprus time, after rising as high as $82.37 the previous day, with the net increase capped at 6.7%.
US West Texas Intermediate rose 74 cents, or 1%, to $71.97 a barrel, after a surge that was similarly tempered, closing up 6.3%.
Analyst outlook and price forecasts
Analysts said crude prices are expected to remain high for the duration of the conflict. Bernstein analysts revised their forecast for North Sea Brent from $65 to $80 a barrel in 2026, and warned that prolonged hostilities could push prices to $120–150.
How could continued tensions in the Middle East affect fuel costs where you live?