Muscat: Oil prices continued to climb today as the risk of a prolonged Middle East conflict mounted, following Iran's threat to retaliate against any new US strikes on its assets, heightening concerns over potential supply disruptions. Brent crude futures rose 34 cents, or 0.35 percent, to $97.34 a barrel, while US West Texas Intermediate crude gained $1.15, or 1.26 percent, to $92.63 a barrel.
According to Oman News Agency, Brent had touched its highest level since 24 July in the previous session, as traders continued to price in a risk premium amid escalating regional tensions. Goldman Sachs raised its forecasts for Brent and WTI by $5 a barrel, to $85 and $80 respectively for December 2026, and to $80 and $75 for 2027, reflecting expectations that shipping disruptions in the Middle East will persist through next year.
In its September commodities outlook, financial services platform Marex said that as long as the war continues - which analyst Ed Meir believes it will, given that "many issues have yet to be resolved" - crude prices are likely to remain elevated through the end of the year.
