Crude oil prices surge near $110 as geopolitical tensions escalate. Brent crude rose 2.05% to $107.49 a barrel while U.S. WTI climbed 1.88% to $96.17, driven by stalled U.S.-Iran peace negotiations and restricted shipping through the Strait of Hormuz. Last week marked the largest weekly gains since the conflict began, with Brent posting a 17% jump. Goldman Sachs raised fourth-quarter forecasts to $90 for Brent and $83 for WTI, citing reduced Middle East output and unprecedented economic risks. Analysts warn that failed diplomatic progress by month-end could trigger further price spikes, with Macquarie estimating potential moves toward $110 and Nuvama suggesting the Strait of Hormuz closure could push prices into the $110 to $150 range. The 20-million-barrel-daily waterway remains a critical flashpoint in global energy markets.
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