Brent crude futures rose to around $68.8 a barrel on Monday, extending a 1.5% gain in the previous week, after a ransomware attack on the US’ largest fuel pipeline forced a temporarily shut down of all operations, raising concerns that the outage could lead to spot shortages of gas, diesel and jet fuel. US Commerce Secretary Gina Raimondo noted that the Federal government is working to avoid supply disruptions as Colonial Pipeline is the source of nearly half of the US East Coast's fuel supply, transporting 2.5 million barrels per day of gasoline and other fuels. The benchmark Brent crude is up more than 30% so far this year as the demand outlook improves with the rollout of Covid-19 vaccines. On the supply side, OPEC+ started this month a gradual easing of oil production curbs after introducing deep cuts since a pandemic-induced oil price collapse in 2020. Elsewhere, Tehran might see sanctions lifted if negotiations to revive the 2015 nuclear deal between Iran and the US are successfu
Historically, Brent crude oil reached an all time high of 147.50 in July of 2008. Brent crude oil - data, forecasts, historical chart - was last updated on May of 2021.
Brent crude oil is expected to trade at 65.75 USD/BBL by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 56.89 in 12 months time.