Oil Prices Recover as US-Iran Tensions Drive Brent and WTI Higher
Oil prices recovered Tuesday, with Brent rising to $105.22 and WTI to $97.10, after Monday's sharpest drop in over two months, as markets weighed potential large-scale US strikes on Iran. President Donald Trump is considering major attacks on Iranian targets following recent limited US strikes on Qeshm Island, which were not officially confirmed. Goldman Sachs raised its price targets, citing a 1 mb/d global supply disruption allowance for 2027. Iran has threatened retaliation against Israeli nuclear sites and civilian infrastructure, including oil terminals. Analysts note Trump's decisions may be influenced by midterm election outcomes, while technical indicators suggest potential for further price gains toward $110.