Brent crude futures for November settlement slipped USD 1.35, or 1.57 per cent, to USD 84.80 a barrel at 0640 GMT. The contract fell to as low at USD 84.51, the lowest since January 14.

Citi has raised its 0-3 month forecast for Brent Crude to $70 per barrel, citing increased geopolitical risks in the Middle East and supply disruption concerns in Iran and Russia.

Oil prices fell on Wednesday and recorded an annual loss of nearly 20%, as expectations of oversupply increased in a year marked by wars, higher tariffs, increased OPEC+ output and sanctions on Russia, Iran and Venezuela. Brent crude futures shed about ...

Prices will be flat to slightly upward in 2026 for most globally traded industrial commodities, with crude oil the major exception.

Crude oil markets continue to see buyers, as we are trying to price in geopolitical concerns, with a strike against Iran being possible. Because of this, the supply and demand situation is being ignored at the moment.

Brent crude futures topped US$71 a barrel for the first time since August after US President Donald Trump warned Iran to make a nuclear deal or face military strikes.

Oil prices rose to their highest level since late September, driven by concerns that the U.S. could carry out military action against Iran.

Crude oil continues to see a lot of noisy behavior, as we are looking to determine the geopolitical landscape, and the obvious supply and demand concerns. At this point, I expect a lot of noise.