Crude Oil Price: Crude oil prices in the international market are once again raising the tension between the common man and the big companies. Oil prices saw a dip in early morning trade today on October 21, but later saw a sudden surge. Brent crude was trading at $110.37 per barrel at 7:50 am. While the price of American crude oil WTI was $99.17 per barrel. This rise in oil prices is due to two major reasons. On the one hand, there are reports of attacks in the Gulf countries, on the other hand, the decision of America on the supply of oil to Russia has stopped. Goldman Sachs Research says that crude oil prices may decline gradually over the next one year, as oil supplies from the Middle East are expected to improve.

Fluctuations in crude oil prices

The main problem affecting oil prices is related to Russia. US President Donald Trump issued an order last Friday night, which eased the duties, including some sanctions related to Russia. In addition to the tax on Russian goods, it also includes measures such as relief from penalties imposed on countries that buy Russian oil and gas. However, Trump made it clear on the next day i.e. Saturday that no final decision has been taken on the matter yet. US Secretary of State Marco Rubio also said that time is needed to understand the situation. Now the market wants to understand what will be the future impact on Russian oil supply. If Russian oil becomes readily available, the price will be relieved. If the confusion continues, the market will continue to fluctuate.

Attack on Saudi Arabia’s oil facilities

Rising tensions in the Middle East have also fueled oil market concerns. Yemen’s Houthi group claimed to have targeted energy centers, airports and military bases in Saudi Arabia on Monday, according to a Moneycontrol news release. These bases include the Aramco facility in Yanbu, the Shayba oilfield as well as King Khalid International Airport in Riyadh. However, Saudi officials did not immediately confirm these claims. This could not be independently confirmed either. Meanwhile, an attack on a security forces training camp in Yemen’s Shabwa province left 58 people dead, while more than 200 others were injured. These incidents have raised fears of an oil supply shutdown in the region, driving up crude oil prices.

How cheap will crude oil be in 2027?

In the midst of this crisis, Goldman Sachs Research recently released more estimates. According to the report, crude oil prices may decline gradually over the next one year, as oil supplies from the Middle East are expected to improve. Brent crude could hover around $90 per barrel in December 2026, according to Dan Struven, co-head of global commodity research and head of oil research at Goldman Sachs. Earlier the bank estimated it to be $85. The average price of Brent crude for the year 2027 is estimated to be $80 per barrel. Prices may soften due to improvement in supply. But if tensions rise again between the US, Israel or Iran, oil could remain expensive for a long time, putting pressure on markets around the world. The movement of oil in the coming months will depend only on the normalization of the situation in the Middle East.