Oil prices continued their modest rise following mutual strikes between the United States and Iran, reports website infohub.kz. Brent crude futures gained nearly 1%, reaching $85.5 per barrel. The US benchmark West Texas Intermediate (WTI) traded around $80 per barrel.
According to Reuters, market sentiment is driven by the geopolitical landscape: the conflict between Washington and Tehran escalated after Donald Trump announced a naval blockade of shipping. Additional pressure stems from fears of tighter sanctions on Iranian oil exports and further escalation in the Persian Gulf.
Goldman Sachs analysts forecast that if tensions persist, prices could surge to $110 per barrel by the end of the year.