Oil prices surged on Wednesday after deadly attacks on vessels in the Red Sea and Gulf of Oman mounted concerns over risks to global shipping routes, even as global leaders indicated progress on reopening the Strait of Hormuz. Brent Crude traded near 90 dollars per barrel, while WTI traded near 84 dollars per barrel (at the time of filing this copy).
US President Donald Trump has reportedly stated that the situation with Iran is “going fine” at Joint Base Andrews and said that US forces are in “total control” of the Strait of Hormuz. Global oil expert and CEO-Australia, Trading.com Peter McGuire told Times Now Digital, “oil nudges $90 barrel as conditions worsen in the Strait of Hormuz, geopolitical tensions between Iran and US are increasing and market sentiment has fear baked into the price. Uncertainty remains front of mind as traders brace for potentially higher prices and some are questioning whether $100 is back on the table. The next few days will be in focus as any form of resolution will determine prices.”
The Energy Information Administration has raised its oil price forecast for the third quarter of the year, expecting significant restrictions on oil shipments through the Strait of Hormuz to continue throughout August.
The US agency lifted its 2026 average Brent Crude price estimate from $81.91 to $86.81 per barrel. The average price of West Texas Intermediate (WTI) crude oil was estimated at $80.88 per barrel, up from the EIA’s forecast of $76.26 last month.
Experts believe oil prices have jumped as attacks on shipping in the Middle East have heightened concerns regarding a breakthrough in negotiations and easing of tensions as far as the Strait of Hormuz is concerned. Analysts also believe the geopolitical risks and shipping attacks are pushing oil rates higher, with Hormuz disruptions raising fears of $100 crude.
Exclusive: Oil Expert Says Oil Nears $90 As Red Sea, Hormuz Risks Raise $100 Crude Fears
