Aramco, the world's largest oil company, said Sunday its first quarter profit jumped 25% as the Iran war disrupted oil supplies and raised prices. Dhahran, Saudi Arabia-based Aramco said it successfully shifted some oil exports to a pipeline to avoid the Strait of Hormuz, which has been disrupted by the war.
Ongoing supply disruptions and fears that the situation will worsen are driving Brent and WTI prices ever higher. Expectations for when oil supplies will return to normal have been pushed back, raising the risk that higher gas prices could stick around longer than expected.
Goldman Sachs raised its Q4 2026 Brent crude forecast to $90 per barrel, citing extreme inventory draws from the prolonged closure of the Strait of Hormuz tied to the ongoing US-Iran conflict.
Traders placed a $430 million short position in Brent crude futures just 15 minutes before Trump announced the indefinite extension of a ceasefire on Truth Social.
Petrol and diesel prices have hit their highest in nearly 20 months this week, latest data shows, increasing by between 4.68p and 8.59p per litre since Saturday 28 February, when the US launched strikes on Iran. On average, drivers can now expect 137.51p per litre of unleaded petrol, and 150.97p per litre of diesel, at the pump.
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