Brent crude has surged by 2.71 percent to $72.67 as analysts raise their 2026 forecasts amid a heightened war risk premium stemming from the US–Iran standoff.
As of 16:45 WAT, West Texas Intermediate (WTI) crude gained 2.62 percent to $66.92, rebounding after five consecutive sessions of price drop.
Economists and oil market analysts surveyed by Reuters projected that both crude benchmarks would average around $60 per barrel this year, about $1.50 higher than estimates from a month ago.
The February poll forecasts Brent crude to average $63.85 per barrel in 2026, while WTI is expected to average $60.38 per barrel.
Both benchmarks climbed as high as 3 percent in early Friday trading after the United States and Iran adjourned Thursday’s talks, scheduling another round of negotiations.
Badr Albusaidi, Foreign Minister of Oman and mediator of the indirect discussions, said the parties had made “significant progress” in the nuclear talks. The next round of negotiations is expected to be held in Vienna, Austria.