Oil prices remain elevated for a third consecutive day as the Middle East crisis intensifies and tensions escalate between the US and Israel. Fears of a potential closure of the Strait of Hormuz are fuelling concerns over global supply disruptions.
Brent crude stood at $78.83 a barrel (+1.10%) around 03:10 Cyprus time, after soaring as high as $82.37 yesterday, although the net increase was capped at 6.7%.
US West Texas Intermediate (WTI) rose 74 cents (+1%) to $71.97 a barrel. Its surge yesterday was similarly tempered, closing up 6.3%.
Analysts predict crude prices will remain high for the duration of the conflict. Bernstein analysts have revised their forecast for North Sea Brent from $65 to $80 a barrel in 2026, warning that prolonged hostilities could push prices as high as $120–150.