Oil prices remain high Brent over $88

Oil prices continue to rise, with Brent crude surpassing $88.9 per barrel, while West Texas Intermediate remains steady at $82. The increase comes amidst geopolitical and military tensions in the Strait of Hormuz, fueling instability and threatening global oil supplies. U.S. military operations inside Iran persist, accompanied by diplomatic efforts to de-escalate the situation through a temporary ceasefire lasting between 10 days and two weeks in exchange for reopening shipping lanes. However, concerns remain about the potential failure of these efforts. Additionally, reports have shown a decline in truck traffic transit through the strait, indicating further risks to energy markets. Goldman Sachs has warned that continued tensions could push Brent prices above $120 during the last quarter of 2026.

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