Oil prices climbed again because of the war with Iran, tightening their grip on the global economy and sending stock markets lower around the world.

Global oil markets saw a sharp sell-off on Monday after Donald J. Trump announced a temporary halt to planned US military strikes on Iranian energy infrastructure, triggering hopes of de-escalation in the Middle East.

Goldman Sachs late on Sunday raised its 2026 average price forecast for Brent crude oil to $85 per barrel (bbl) from $77, while ​raising its West Texas Intermediate (WTI) forecast to $79/bbl from $72.

More than three weeks after US and Israeli strikes on Iran triggered a chain of retaliation across the region, the conflict has now spread across West Asia. What started as a geopolitical escalation is now turning into an economic one,

India has kept retail fuel prices stable for now by relying on refinery absorption, strong inventories, and diversified crude supplies despite a sharp surge in its oil basket price.

Oil prices fell by over 13% on Monday after U.S. President Donald Trump said he would order the military to postpone any strikes against Iranian power plants and energy infrastructure. Brent crude futures had fallen around $17,

Oil prices rose Friday even after Treasury Secretary Scott Bessent said Washington may soon lift sanctions on Iranian crude stored aboard tankers.

By Georgina McCartney and Siddharth Cavale HOUSTON/New York, March 18 (Reuters) - The discount for U.S. crude futures versus Brent on Wednesday hit the widest in 11 years, as attacks on Middle Eastern oil infrastructure drove the global benchmark higher while rising supply in the U.

Why are Brent futures up and oil prices looking to surge on Monday, and what to expect next? Oil prices are rising after U.S. and Iran threats, Strait of Hormuz tension, supply disruption, and market uncertainty linked to the Mideast war and global energy risks.