Dubai, UAE – Global oil prices continued their upward trajectory, driven by Middle East geopolitical fears and military tensions surrounding the Strait of Hormuz.
Brent and WTI Price Gains
In market trading, Brent crude benchmark rose 34 cents to $97.34 per barrel, while US West Texas Intermediate gained $1.15 to reach $92.63.
Brent previously reached its highest settlement since late July as investors built a significant risk premium against potential oil transport disruptions.
Goldman Sachs Revises Crude Projections
Goldman Sachs raised its December 2026 Brent crude price forecast to $85 per barrel from an earlier $80 estimate, citing persistent risks.
The bank also adjusted its WTI forecast to $80 per barrel, anticipating upward momentum through the end of the year alongside Mideast conflicts.
Sharp Decline in Hormuz Transit
Operationally, Kpler navigation data published Tuesday showed commercial shipping through the Strait of Hormuz slowed sharply amid escalating security risks, according to Reuters.
Only seven cargo vessels crossed the strait Monday down from eight on Sunday, reflecting extreme caution among global maritime shippers in this vital energy corridor.
