Oil Price Forecast: Brent Nears $100 as US-Iran Conflict Escalates

Author: Muhammad Umair

Updated: September 08, 2026

Key Points

• Middle East supply risks continue to support crude oil prices.
• WTI could target $97 if it breaks above $93.80.
• Brent could target $110–$112 if it clears the $100-$102 zone.

Market Overview

Oil prices are experiencing upward pressure due to escalating tensions in the Middle East, particularly between the U.S. and Iran. Iran has issued threats in response to renewed U.S. military actions, claiming that energy assets in the Gulf are at risk. Recent U.S. attacks on Iranian tankers have raised concerns about potential disruptions to Iran's oil exports, particularly through the critical Strait of Hormuz. This situation has led to increased shipping and insurance costs, further straining the oil supply chain.

Current Price Levels

As of the latest updates, WTI oil is priced at $94.34, reflecting a 1.47% increase, while Brent oil is at $99, up by 1.41%. The ongoing conflict is expected to keep oil prices elevated, with Goldman Sachs revising its price forecasts for both Brent and WTI by $5, anticipating that shipping disruptions will persist into 2027.

WTI Crude Oil Price Forecast

The daily chart for WTI crude oil indicates a breakout from a triangle pattern at the $87 level, with the price moving towards an initial resistance at $92.50. A successful break above this level could lead to a target of $97. The RSI is currently at 65.90, suggesting further upside potential. The weekly chart also shows a strong gain of 9.32% last week, reinforcing the bullish outlook.

Brent Crude Oil Price Forecast

Brent crude oil is similarly positioned, having broken out of a triangle pattern at the $93.50 level. The price is approaching resistance at $102, and a break above this could lead to targets of $110 in the short term. The price remains above key moving averages, with the 50 SMA crossing above the 200 SMA, indicating positive momentum.

Key Levels to Watch

Both WTI and Brent crude oil prices are maintaining a bullish outlook due to geopolitical tensions affecting supply. WTI could target $97 if it clears $93.80, while Brent is testing the $100-$102 area, with a potential breakout leading to $110-$112. The market remains volatile, heavily influenced by ongoing political developments.

Conclusion

As long as the conflict in the Middle East continues, oil prices are likely to remain elevated. However, any resolution or return to normal shipping could lead to a significant price drop. Traders should remain vigilant and monitor geopolitical developments closely.