Oil Prices Climb Toward $100 Amid Middle East Supply Tensions

Brent crude prices rose to $97.66 per barrel on Tuesday as geopolitical tensions between the United States and Iran intensified supply concerns.

The price surge follows an attack on Saudi Arabia's 400,000-barrel-per-day Jizan refinery and Iran's announcement of a new shipping corridor in the Strait of Hormuz.

Analysts at ANZ have revised their forecasts, stating they do not expect a return to pre-war oil throughput levels until at least late Q1 or early Q2 2027.