Brent crude oil price surges to $91, up 25% in the past 7 days.

Brent crude oil prices have indeed surged, hitting around $91 per barrel, marking a 25% increase over the past week. This spike is largely driven by escalating tensions in the Middle East, particularly the conflict between the US and Iran, which has disrupted oil supplies through the critical Strait of Hormuz.

Some analysts predict that if the conflict persists, oil prices could rise to $110-$120 per barrel, potentially exacerbating inflationary pressures. On the other hand, J.P. Morgan Global Research forecasts Brent crude to average around $60/bbl in 2026, citing soft supply-demand fundamentals.