All articles tagged with #brent
Oil futures look poised to rise at the week’s start, with WTI topping $102 a barrel and Brent approaching $114.50, supported by weekend gains and bets on higher prices. Analysts warn that a sustained move above $102.25 for WTI could trigger a bullish leg toward about $111–$124, while a break below $85.50 would open downside toward $81–$73.
Goldman Sachs raised its oil-price forecast, projecting Brent at about $85/bbl and WTI at about $79/bbl for this year, citing a peak supply disruption of around 17 million barrels per day from the Strait of Hormuz situation. The bank assumes tanker disruptions will last six weeks with shipments gradually recovering within a month, though some observers warn the disruption could persist longer. At publication, Brent traded near $112.69/bbl and WTI near $99.60/bbl.
Oil prices pulled back from an intraday spike after Netanyahu said Iran has no capacity to enrich uranium, with Brent trading around $106.50—near its highest level since July 2022 after a session high near $119—while WTI hovered around $94. The moves reflect ongoing supply worries from the Iran–Israel conflict and Strait of Hormuz disruptions, set against a backdrop of cautious central-bank commentary on policy paths amid higher energy costs.
Goldman Sachs says oil flows through the Strait of Hormuz have collapsed, with about 0.5 million barrels per day moving through on a four‑day average and an estimated net export loss of ~17.2 million barrels per day. Brent sits near $105 and WTI around $100 as some shipments still pass, but a gradual recovery is expected over ~30 days starting around March 21, with the price path depending on whether Persian Gulf exports rebound to global markets.
Brent crude sits near $100 as the US-Iran conflict stretches into its third week, with prices up on supply-disruption fears and attacks near the Strait of Hormuz. Trump’s comments and Iran’s vow to continue fighting add geopolitical risk, even after the IEA released emergency reserves; traders warn of further spikes if the crisis persists and central banks lean hawkish.
Oil prices edged higher mid-day as traders priced in Middle East risk from renewed Iran unrest and policy uncertainty in Washington, including tariff talk and Fed remarks. WTI hovered around $61.10 per barrel and Brent near $65.41, up about 2–3% on the day, with no confirmed supply disruptions and the move driven by risk premia rather than a single shock.
Oil prices rebounded from four-month lows, rising over 1% after a selloff triggered by OPEC+'s decision to increase production. Despite the selloff, analysts suggest the market is oversold and could rally before potentially declining again. U.S. crude and Brent prices closed higher, with OPEC+ production increases not set to begin until October. Rising U.S. oil inventories also impacted prices.
Crude oil futures rebounded from three-month lows on Friday but still ended the week with losses, as U.S. crude and Brent settled down 2.9% and 2.2% respectively. Despite the summer driving season starting, macroeconomic factors and overproduction by Russia have pressured prices. OPEC+ will review production policy in a virtual meeting on June 2, with expectations to maintain the current production ceiling.
Oil prices surged after reports of explosions in Iran, Syria, and Iraq, following a strike by Israel against Iran, raising concerns about a potential wider regional conflict that could threaten crude supplies. Global benchmark Brent briefly topped $90 a barrel before paring gains, while nuclear facilities in the targeted city of Isfahan were reported to be safe.
Oil prices continue to rise, with Brent nearing $91 a barrel, driven by escalating tensions in the Middle East following a strike on an Iranian diplomatic compound in Syria and fears of wider regional conflict. Geopolitical tensions in the Middle East and Ukraine, OPEC+ supply restrictions, and healthy demand have contributed to a 18% surge in crude prices this year. Cease-fire talks between Israel and Hamas remain deadlocked, while OPEC+ has chosen to maintain supply cuts, further tightening global markets and bolstering the case for higher prices. Some market analysts predict the potential for Brent to rally to $100 a barrel this year.
Oil prices experienced a decline, ending a nine-day winning streak of daily gains.
WTI crude oil rises by $2.36 to $87.88, while Brent surpasses $91 for the first time since November 2022. The market is experiencing fundamental buying due to a higher consumption of oil than production. Goldman Sachs suggests that OPEC+ may maintain cuts for longer, leading to lower supply. The backwardation in the market indicates buyers pulling crude from inventories, signaling a bullish market.
Crude oil markets, including WTI and Brent, have experienced significant falls, with WTI heading towards the $82 level and Brent threatening to reach $85. However, both markets have strong support from the 200-Day EMA, suggesting potential buying opportunities. The possibility of OPEC members cutting back on production continues to be a bullish factor for crude oil, and if the US dollar weakens, it could further strengthen crude oil prices.
Oil traders and analysts are anticipating a rise in energy prices due to the conflict in Russia, which could potentially hamper oil supply to global markets. Traders are planning to increase bets on the price of oil going up, with the most actively traded contact for global crude benchmark Brent settling at $74.01 a barrel on Friday after a volatile week of price swings.
Goldman Sachs has lowered its year-end price target on Brent and West Texas Intermediate (WTI) due to significant supply beats from Iran and Russia, which have driven speculative positioning to near record-lows. The firm now predicts Brent will cost $86 per barrel, down from a prior forecast of $95, while WTI is predicted to cost $81 per barrel, compared to the previous prediction of $89. However, the analysts are more bullish on crude going into next year, with a forecast that rising emerging market demand, slowing US supply, and OPEC cuts will lift Brent to $93/bbl by May 2024.