Oil Prices Surge as Hormuz Risks Lift Forecasts

Oil prices have risen because ships carrying oil may face danger near the Strait of Hormuz.

The Indian crude oil basket reached $115.98 per barrel.

Brent oil futures also rose above $100 per barrel.

HSBC raised its estimate for the average Brent price in 2026.

Goldman Sachs also raised some of its forecasts and said prices could reach $120 if attacks on ships increase.

Another firm, Choice Institutional Equities, expects lower average prices than HSBC and Goldman Sachs.

Higher oil prices can make fuel and other goods more expensive.

Countries that import oil may have to spend more money.

Central banks may also find it harder to decide what to do with interest rates.