SummaryBrent projected to average $63.85 per barrel in 2026WTI projected to average $60.38 per barrel in 2026For table of crude price forecasts, clickFeb 27 (Reuters) - Supply risks from ongoing geopolitical tensions have prompted analysts to raise their oil price forecasts for the year, despite concerns that an oversupply will continue to weigh on the market.The survey of 34 economists and analysts conducted in February forecast that Brent crude would average $63.85 per barrel in 2026, up from January's fo ...

Key TakeawaysIran and the United States have made "significant progress" in indirect nuclear negotiations; technical-level talks are scheduled to begin in Vienna this coming Monday.Iranian State TV reports that an agreement is nearing, potentially providing a diplomatic off-ramp as President Trump’s March 1–6 deadline for a deal approaches.The Office of the Comptroller of the Currency (OCC) has proposed a 376-page rule to implement the GENIUS Act, which strictly prohibits yield or interest payments on payme ...

US stock market crashes today: Wall Street turned sharply lower today as the US stock market crash narrative gained traction across trading desks. The The sell-off is broad but not uniform. AI heavyweights like NVIDIA Corporation fell 3.50% to $188.71 on heavy volume of 91 million shares. Meanwhile, speculative names such as Eos Energy Enterprises plunged nearly 40%. At the same time, surged 22%, showing that traders are rotating rather than fully exiting risk.Even as President Trump's "Drill, baby, drill" ...

Key TakeawaysGeneva has become the epicenter of global diplomacy as separate high-stakes negotiations involving the United States, Ukraine, and Iran commenced simultaneously on February 26, 2026.Oman’s Foreign Ministry reported "creative and positive ideas" are being exchanged in indirect U.S.-Iran nuclear talks, though a massive U.S. military buildup in the Middle East continues to keep energy markets on edge.Ukraine and the U.S. have initiated bilateral talks focused on a multi-billion dollar "Prosperity ...

In comments on Tuesday night, President Trump said he is hoping to make a deal with Iran, but only if the Iranians are willing to pledge to never develop nuclear weapons. “We want to make a deal but we haven't heard those secret words: ‘We will never have a nuclear weapon,'" Trump said. "My preference is to solve this problem through diplomacy but one thing is certain: I will never allow the world’s number one sponsor of terrorism, which they are by far, to have a nuclear weapon — cant let that happen.” ...

In comments on Tuesday night, President Trump said he is hoping to make a deal with Iran, but only if the Iranians are willing to pledge to never develop nuclear weapons. “We want to make a deal but we haven't heard those secret words: ‘We will never have a nuclear weapon,'" Trump said. "My preference is to solve this problem through diplomacy but one thing is certain: I will never allow the world’s number one sponsor of terrorism, which they are by far, to have a nuclear weapon — cant let that happen.” ...

In comments on Tuesday night, President Trump said he is hoping to make a deal with Iran, but only if the Iranians are willing to pledge to never develop nuclear weapons. “We want to make a deal but we haven't heard those secret words: ‘We will never have a nuclear weapon,'" Trump said. "My preference is to solve this problem through diplomacy but one thing is certain: I will never allow the world’s number one sponsor of terrorism, which they are by far, to have a nuclear weapon — cant let that happen.” ...

In comments on Tuesday night, President Trump said he is hoping to make a deal with Iran, but only if the Iranians are willing to pledge to never develop nuclear weapons. “We want to make a deal but we haven't heard those secret words: ‘We will never have a nuclear weapon,'" Trump said. "My preference is to solve this problem through diplomacy but one thing is certain: I will never allow the world’s number one sponsor of terrorism, which they are by far, to have a nuclear weapon — cant let that happen.” ...

Group 1 - Goldman Sachs raised its Q4 2026 Brent and WTI crude forecasts by $6 to $60 and $56 respectively, citing lower OECD stocks while maintaining a surplus outlook for the year [1][3] - For the year 2026, Goldman expects Brent to average $64 per barrel, up from a previous estimate of $56, and WTI to average $60, an increase from $52 [1][7] - The bank's surplus forecast for 2026 is 2.3 million barrels per day (bpd), assuming no major supply disruptions and no resolution to the Russia-Ukraine conflict [3][4] Group 2 - Goldman downgraded its supply outlook for Kazakhstan, Venezuela, Iran, and Iraq due to production misses, while upgrading expectations for the Americas and core OPEC countries with spare capacity [4] - The bank anticipates OPEC+ to gradually increase production starting in Q2 2026, as OECD inventories have not built up [4] - Potential sanctions relief for Iran or Russia could lead to downside risks of $5 for Brent and $8 for WTI in Q4 2026, with average prices expected to rise to $65 and $61 respectively in 2027 [5]

Core Viewpoint - The oil market is experiencing an unexpected price rally despite predictions of deep oversupply in 2026, driven by geopolitical shocks and stronger-than-expected demand [2][3]. Supply and Demand Dynamics - Analysts had anticipated a significant oversupply of approximately 3.7 million barrels per day (bpd) in the oil market as of January 2026, which was described as an "extraordinary oversupply" by Macquarie analysts [3]. - Oil prices have increased, with Brent crude futures rising about 15% and West Texas Intermediate (WTI) crude futures up 14% since the beginning of the year [3]. Geopolitical Factors - Sanctions imposed by the US Treasury Department on major Russian oil producers, Rosneft and Lukoil, have removed around 600,000 bpd from the market [6]. - Exports from the CPC pipeline have decreased by approximately 440,000 bpd, reaching the lowest levels in seven years due to drone strikes at the Black Sea-side terminal [6]. - The potential for military action by the US against Iran has heightened concerns over disruptions in the Strait of Hormuz, a critical chokepoint for about 20 million bpd of petroleum products [7]. Market Reactions - Despite expectations of declining global demand for hydrocarbons as the world shifts towards electrification and green energy, oil prices have risen due to unexpected supply constraints and increased demand forecasts [5][4].