On Tuesday, October 26, oil prices took a breather during the first half of the day, but were back on the rise during the evening session. By the end of the day, Brent rose 0.39% to $85.39/bbl, and WTI advanced 0.85% to $83.99/bbl, approaching a new high of $84/bbl.
Iranian media yesterday reported cyberattacks on several gasoline stations, due to which the supply of gasoline was temporarily disrupted across the country, which became another reason for oil prices to go up. Meanwhile, the Biden administration again reported being in negotiations with some OPEC+ countries so that the oil alliance would boost oil production. It still remains unknown whether the negotiations were successful.
Oil prices are trending lower this morning on fears of rising production. By the time of writing, Brent was off 1.13% at $85.43/bbl, and WTI was down 1.22% at $83.44/bbl. Our Brent price forecast for today is in the range of $84-85/bbl.