Crude Oil Price Outlook: Crude oil prices surge over 60 per cent amid US-Iran tensions. Brent crosses $110, can it hit $135? Here’s what’s driving the rally and outlook.

Benchmark Brent oil ​prices jumped above $119 a barrel on Thursday, March 19 after Iran attacked energy facilities across ‌the Middle East.

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,

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.

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.

The energy shock from the Iran war is threatening to become a full-blown global crisis. But you wouldn’t know it looking at U.S. oil prices.

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.

Brent crude oil prices on Thursday briefly topped $119 per barrel before dropping back down. Prices had dropped to about $112 per barrel mid-morning after spiking earlier as Iran attacked Gulf energy sites.

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.

Goldman Sachs has raised its oil price forecasts as the Strait of Hormuz crisis threatens a historic supply disruption.