Oil Price Forecast: WTI and Brent Target $120 as Supply Risks Escalate
By Muhammad Umair | Updated: Sep 10, 2026
Key Points
- US-Iran tanker attacks and supply disruptions have pushed Brent above $100.
- WTI remains bullish and could rise toward $104.
- Brent could target $113 if it holds above key support.
Current Market Overview
Oil prices have surged due to escalating tensions between the US and Iran, with Brent crude oil rising above $100, reaching $103.50, while WTI oil has settled above $96. The recent tanker attacks have heightened fears of prolonged oil supply disruptions, leading to increased demand for available oil. The ongoing conflict has diminished expectations for a peace deal, further contributing to supply concerns.
Supply Chain Disruptions
Shipping in the Strait of Hormuz has significantly decreased, with oil flows dropping below 2 million barrels per day (bpd) from 8-9 million bpd prior to the conflict's escalation on August 30. Attacks on Saudi energy facilities have compounded supply issues, forcing exporters to seek alternative routes for oil transport. This situation is likely to keep oil prices elevated as buyers may need to draw from reserves.
WTI Crude Oil Forecast
The WTI crude oil market shows strong bullish momentum, having broken above the $92.50 resistance level and moving towards $97. A confirmed breakout above $97 could lead to a target of $104, with further potential to reach $120 if the upward trend continues. The weekly chart indicates robust support at $80.50, suggesting that as long as prices remain above this level, further gains are likely.
Brent Crude Oil Forecast
Brent crude oil has also demonstrated strong bullish behavior, breaking out from a triangle pattern in the $93 region. The price has surpassed the $95 and $102 levels, indicating a potential move towards $113. A confirmed break above $113 could pave the way for Brent to reach $120, with immediate support at $92.
Conclusion
The outlook for oil prices remains bullish amid ongoing geopolitical tensions that threaten global supply routes. The disruptions in the Strait of Hormuz and attacks on Saudi facilities are likely to keep Brent above $100, while WTI could test $104. However, any progress towards a peace deal could reduce the supply premium and trigger a price pullback. For now, tight supply conditions and strong technical indicators favor further increases in crude oil prices.