Oil prices rose to their highest levels in three weeks as uncertainty over shipping through the Strait of Hormuz and ongoing supply disruptions supported the market

Oil prices edged lower as investors assessed signs that the Gulf states and Iran are moving closer to an agreement to reopen the Strait of Hormuz under a temporary arrangement designed to pave the way for broader negotiations aimed at ending the regional conflict

Goldman Sachs expects Brent crude to trade in an $80–90 per barrel range until either a new agreement is reached between the United States and Iran or the conflict in the region escalates significantly through broader attacks or new targets

Brent crude, the European benchmark, rose 3.9% to $87.5 per barrel for September delivery as the conflict in the Middle East intensified

The U.S. Energy Information Administration raised its global oil production forecast after the reopening of the Strait of Hormuz following a June 18 agreement between the United States and Iran

J.P. Morgan reduced its price outlook for Brent crude oil in the second half of 2026, citing weaker commercial inventory withdrawals and softer oil demand than previously anticipated

Oil prices retreated after the latest round of negotiations between the United States and Iran concluded in Switzerland, fueling expectations that additional Iranian crude could eventually return to the international market

The agreement to reopen the Strait of Hormuz has brought swift relief to global markets. However, some traders fear that the stock market rally and the decline in oil prices may have gone too far

A recovery in oil flows through the Strait of Hormuz and oil production following the U.S.-Iran interim peace ​deal will take time, potentially several months, analysts at ‌two banks said

Goldman Sachs said in a note that global oil demand has fallen more sharply than expected, creating both upside and downside risks to its fourth-quarter 2026 Brent crude forecast of $90 per barrel and its WTI forecast of $83 per barrel