Brent Crude Hits Seventy Dollars as Persian Gulf Security Risks Escalate

The 2026 Surplus Gap

Analysts warn that while the war premium is supporting prices now, the underlying fundamental remains bearish. Without a physical supply shut-in, the massive 1.4 million bpd surplus expected in 2026 will eventually cap any rally above $75.

OPEC Resistance

OPEC+ members have signaled that they are comfortable with prices in the $70 range and are unlikely to increase production even if geopolitical tensions escalate further, prioritizing price stability over market share.