As of today, crude oil prices edged higher on geopolitical and supply-side concerns. Brent crude rose to $69.81 per barrel and U.S. West Texas Intermediate climbed to $67.81, assisted by reduced output from drone attacks in Iraqi Kurdistan and steady global demand, now averaging 105.2 million barrels per day up 600,000 bpd year-on-year.
The EU’s latest sanctions package on Russian oil added upward pressure, despite questions over its enforcement impact.
Meanwhile, U.S. crude inventories dropped significantly last week, buoyed by increased exports, though analysts warned that rising OPEC+ production and tariff uncertainties may limit upside in the near term.
Market watchers highlight a tight balance between strong summer demand and ongoing supply disruptions including Iraqi output roughly halved to 140,000–150,000 bpd keeping oil prices in a narrow, but firm range.
Goldman Sachs recently lifted its forecast for second-half Brent to $66, citing similar supply risks, while warning prices could spike above $90 if Iranian exports are curbed or drop near $40 in a global recession scenario.
Overall, oil stays underpinned by tight fundamentals and geopolitical jitters, with analysts watching Iran’s threat to close the Strait of Hormuz as a potential catalyst for sharp gains.
Written By Ian Maleve
