Brent crude futures rose for the 3rd session to above $87 per barrel on Tuesday for the first time since October 2014 boosted by concerns over potential supply disruptions after Yemen’s Houthi group attacked the United Arab Emirates, escalating hostilities between the Iran-aligned group and a Saudi Arabian-led coalition. Oil prices surged more than 13% since the start of the year, amid concerns over tightness in the oil market, with investors shrugging off a potential hit to fuel demand from the omicron variant. Moreover, oil prices rallied even after China recently agreed with the US to release crude oil from its strategic stockpiles around the Lunar New Year, in a bid by major consumers to lower energy prices. Analysts said supply tightness is unlikely to ease as some OPEC+ member countries are struggling to pump at their allowed capacities due to underinvestment and outages.
Historically, Brent crude oil reached an all time high of 147.50 in July of 2008. Brent crude oil - data, forecasts, historical chart - was last updated on January of 2022.
Brent crude oil is expected to trade at 84.14 USD/BBL by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 77.54 in 12 months time.