Oil Prices Near $100 as Hormuz Tensions Escalate

Brent crude prices are trending toward the $100 per barrel threshold as stalled US-Iran negotiations and intensified naval attacks in the Strait of Hormuz disrupt global supply.

OPEC has lowered its 2026 global oil demand growth forecast to 580,000 barrels per day, while the IEA predicts a Q3 supply deficit of 1.8 million barrels per day.

Saudi Aramco has increased output to 8.2 million barrels per day, yet only 200,000 barrels are reaching markets due to maritime blockades and rising domestic inventory levels.