Global oil prices moved higher on Friday as investors continued to monitor tensions in the Middle East and the potential impact on global energy supplies.
Brent crude, the international benchmark, traded above $81 per barrel, while U.S. West Texas Intermediate (WTI) climbed above $78 per barrel during Friday trading. Analysts say prices remain supported by concerns that instability in the region could disrupt oil shipments through the Strait of Hormuz, one of the world’s most important energy transit routes.
The market has also been watching developments surrounding negotiations involving the United States and Iran. While diplomatic efforts continue, uncertainty over the conflict has kept traders cautious and contributed to higher oil prices.
Major financial institutions expect oil prices to remain volatile in the coming weeks. Goldman Sachs has indicated that Brent crude could continue trading in the $80–$90 per barrel range unless there is a significant breakthrough in diplomacy or a major escalation in the conflict.
Higher crude oil prices often translate into increased gasoline and diesel costs, raising transportation expenses for businesses and consumers alike. Economists warn that prolonged increases could add pressure to inflation in many countries.
Sources: Reuters, Reuters Markets, Wall Street Journal Energy Market Talk, Coinvo (@Coinvo) on X: