Oil prices climbed to multi-week highs on Tuesday as concerns over prolonged disruption to Middle East supply increased, adding fresh risk to global crude markets. Brent crude rose to $98.25 a barrel, while U.S. West Texas Intermediate (WTI) reached $93.70, according to Reuters.
Brent had earlier reached $98.79 a barrel, its highest level since July 24, while WTI touched $94.21, its highest since June 8. The gains reflect a growing risk premium as traders assess the potential impact of continued disruptions across the Gulf and surrounding shipping routes.
Analysts at ANZ said Persian Gulf supply could remain constrained through the end of 2026, with a full return to pre-disruption throughput potentially delayed until late Q1 or early Q2 2027. Shipping activity through the Strait of Hormuz, one of the world’s most important crude transit routes, has also slowed following renewed tensions.
The market outlook has also prompted higher price expectations from major financial institutions. Goldman Sachs raised its December 2026 Brent forecast by $5 to $85 a barrel and its WTI forecast to $80, while lifting its 2027 forecasts to $80 for Brent and $75 for WTI. The revisions assume that Middle East shipping disruptions could continue into 2027.
For Africa and the Middle East’s oil and gas industry, sustained disruption could have significant implications for crude exports, tanker availability, refinery feedstock costs, LNG and petroleum-product transportation, and regional fuel prices. Producers and traders are likely to continue monitoring Gulf supply flows and the availability of alternative shipping routes as uncertainty persists.
The latest price move highlights the sensitivity of global energy markets to disruptions around major Middle Eastern production and transportation hubs. If supply constraints persist, elevated crude prices could continue supporting upstream revenues while increasing costs across refining, transportation and fuel markets.
