2026–2028 world oil market chronology

Main article: World oil market chronology from 2003

2026

Both Brent and WTI jumped more than 2 percent on the last day of the first full week of 2026. Brent increased 4 percent for the week to finish at $63.34 and WTI increased 3 percent to $59.12. Protests in Iran and attacks by Russia on Ukraine cancelled out higher worldwide supply.[1] after five up days, oil fell more than 4 percent on January 15 in response to a conflict with Iran being less likely, meaning no disruptions to oil. U.S. inventories also rose, and U.S. relations with Venezuela stabilized. After reaching $66.82, its highest point since September, the previous day, Brent finished at $63.76 and WTI ended at $59.19.[2] Oil ended January near the highest price since August 2025, with Brent finishing at $70.69 and WTI at $65.21, due to uncertainty about Iran.[3] On February 5, oil fell nearly 3 percent, with Brent ending the day at $67.55 and WTI at $63.29, after the U.S. and Iran agreed to talks.[4] The first full week of February ended with continued uncertainty over a possible U.S. conflict with Iran, and Brent finishing at $68.05, with WTI at $63.55.[5] On February 12, an International Energy Agency forecast of lower demand, increased U.S. crude inventories and a good chance of solving the Iran problem led to a nearly 3 percent drop in oil prices. Brent finished at $67.52 and WTI at $62.84.[6] Because of fears of a supply disruption in the Middle East, oil jumped 4 percent on February 18 and then reached the highest level in six months on February 19, with Brent finishing at $71.66 and WTI at $66.43.[7] Oil finished the week up more than 1 percent after talks between the U.S. and Iran continued but did not appear likely to have the desired resolution. Brent finished at $72.48 and WTI at $67.02.[8]

As a result of the 2026 Iran war, Brent finished March 3 at $81.49, the highest since January 2025, and WTI finished March 4 at $74.66, the highest since June.[9] With U.S. President Donald Trump demanding unconditional surrender from Iran, the first full week of March ended with U.S. crude rising more than 35 percent, the biggest gain for a week since the futures contract began in 1983. WTI ended the week at $90.90, while Brent climbed 28 percent to $92.69, the most for a week since April 2020.[10] On March 9, after Trump announced he was considering talking over the Strait of Hormuz, U.S. crude fell more than 6 percent to $85.27 and Brent declined nearly 6 percent to $88.43. Both had reached nearly $120 as oil went over $100 for the first time since early 2022 at the start of the Russia–Ukraine war. Only a few ships were passing through the strait.[11]

See also

References

  1. ^ Nicole Jao (January 9, 2026). "Oil gains as market weighs Iran, Russia supply risks; dealmaking for Venezuela in focus". Reuters.
  2. ^ Georgina Mccartney (January 15, 2026). "Oil settles down 4% as Trump comments ease Iranian supply concerns". Reuters.
  3. ^ Erwin Seba (January 30, 2026). "Oil hovers near six-month high as investors track US-Iran tensions". Reuters.
  4. ^ Seher Dareen and Georgina Mccartney (February 5, 2026). "Oil settles almost 3% down on easing supply concerns ahead of US, Iran talks". Reuters.
  5. ^ Erwin Seba (February 6, 2026). "Oil prices climb on worries of possible Iran-US conflict". Reuters.
  6. ^ Erwin Seba (February 12, 2026). "Oil prices fall on supply forecast, easing risk". Reuters.
  7. ^ Siddharth Cavale (February 19, 2026). "Oil closes at six-month high on US-Iran conflict worries". Reuters.
  8. ^ Erwin Seba (February 27, 2026). "Oil prices rise more than 2% as US and Iran extend talks". Reuters.
  9. ^ Arathy Somasekhar (March 4, 2026). "Oil settles at highest in over a year for second straight day as Iran crisis escalates, snarls Hormuz flows". Reuters.
  10. ^ Spencer Kimball (March 6, 2026). "Oil surges 35% this week for biggest gain in futures trading history dating back to 1983". CNBC.
  11. ^ Spencer Kimball (March 9, 2026). "Oil prices decline after nearly hitting $120 as Trump says U.S. considering taking over Strait of Hormuz". CNBC.
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