EIA Lifts 2026 Oil Forecast Amid Hormuz Turmoil
Oil prices fluctuated as Middle East tensions surrounding the Strait of Hormuz persisted, with WTI holding around $77.50 as Iran and Oman discussed a shipping framework and attacks by Yemen’s Houthis added risk; meanwhile, front-month Nymex crude slid over the week but rebounded recently, and a separate report noted a 77.29 settlement amid ongoing supply and inventory dynamics and forecasts of higher future prices. The polymer sector mirrored oil-driven sentiment, with renewed war-premium supporting resin markets even as European ethylene disputes and broader supply conditions influenced pricing.