Brent crude oil futures have climbed above $96 a barrel on the London ICE exchange, reaching their highest level since June 8, 2026.
Brent futures rose 2.19% to $96.13 a barrel during morning trading, according to market data. The latest price was also 1.96% higher than the previous session’s close.
The surge comes amid growing concerns over instability in the Middle East, potential disruptions to shipping through the Strait of Hormuz and reduced oil supplies from Persian Gulf producers.
Bloomberg, citing analysts at Goldman Sachs, reported that Brent crude could rise above $120 a barrel by the fourth quarter if the regional unrest and supply disruptions continue.
Reuters has also reported that the risk of a severe global shortage of gasoline and diesel has increased amid the ongoing conflicts in Ukraine and the Persian Gulf region.
