Global Brent crude prices climbed 3.66% to a level not seen since early April 2026. The sharp rise in energy prices was driven by increased uncertainty after US President Donald Trump declined to send a delegation to talks in Pakistan.
The maritime blockade of the Strait of Hormuz still constrains global supplies, creating a critical shortage in international markets. Tamash Varga, a representative of oil broker PVM Oil Associates, reported a daily shortfall of between 10 and 13 million barrels. “Therefore, oil prices can only move in one direction right now,” Varga concluded, pointing to the imminent uptrend until full logistics are restored in the Middle East.
Investment bank Goldman Sachs revised its outlook, raising its fourth‑quarter oil price forecast from $80 to $90 per barrel. Earlier, in March 2026, the bank’s analysts had predicted $66, but the lingering conflict forced a radical update. In a worst‑case scenario, Goldman Sachs says average prices could surge to $120 per barrel if the resumption of export flows from the Persian Gulf is delayed until mid‑summer.
