Crude oil prices near a 15-week high above $99/barrel; what’s next for oil prices in the global market?

Global crude oil prices surged to nearly a 15-week high above $99 per barrel (bbl) during the trading session on Tuesday, September 8, as investors remained cautious due to the re-escalation and military attacks between the United States and Iran in West Asia.

Investing.com data showed that the global benchmark Brent crude oil prices surged to touch its highest level in nearly 15 weeks since May 27, 2026, powered by the heightened tensions in the last two weeks after a month-long pause on military escalations.

Brent crude oil prices surged 2.5% to touch an intraday high of $99.45 per bbl on Tuesday’s market, in comparison to $97 per bbl at the previous commodity market close, according to the exchange data.

The benchmark energy prices have risen nearly 17% in the last one-month, and have been trading over 3% in the last five market sessions. The exchange data also showed that Brent crude prices have risen 2.5% in the last three months, and were up 5.2% in the last six months.

Experts predict that if the risks and supply chain disruptions prevail in the market due to the West Asia crisis, crude oil prices can hit $120 per barrel if the production output from the Gulf region remains below pre-war levels.

What’s next for oil prices?

Experts from global investment firm Goldman Sachs said that they have increased their forecast for Brent and WTI crude oil prices by $5 per barrel (bbl) to the range of $80-85 per bbl for December 2026.

The analysts also said that crude oil prices are expected to range around $80-75 per bbl for 2027 if the West Asia disruptions persist in the market.

“We assume gradual West Asia supply recovery by H2 2027,” said Goldman Sachs analysts.

The experts also predict that Brent crude oil prices are expected to surpass $120 per bbl levels in the upcoming period if the production output from the Gulf region stays below 4 million barrels per day (mbpd) under pre-war levels.

“Brent could fall into the $60/bbl if output rises 1 mbpd above pre-war levels,” Goldman Sachs said.

Experts from CLSA said that the spike in global refining spreads of diesel and ATF to stratospheric levels is the clearest sign of extreme demand-supply tightness in the oil market.

“This has been fuelled by war-related unplanned closures in Russia as well as the Middle East, along with sharp cuts in Chinese exports,” said CLSA analysts.

Latest updates from West Asia

Latest reports from the media showed that the United States has reportedly abandoned talks with Iran for an aggressive economic pressure campaign and has now turned back to threatening military attacks in the region.

US President Donald Trump dismissed the June ceasefire agreement with Iran and said that the MoU is not worth the paper it was written on. With the continued military escalations in the region, the hopes of a potential peace deal remain dim among global market investors.

Last week, US military forces carried out three military strikes on Iranian crude oil carriers in response to the Islamic Revolutionary Guard Corps (IRGC) launching missiles towards US Navy warships.