Middle East war fuels 20% oil price rise

OIL PRICES are poised to rise 20% in 2026, according to Goldman Sachs, as analysts fear Donald Trump has gravely underestimated Iran's leveraging power with the Strait of Hormuz.

- BY MATAEO SMITH

It's a huge blow after the president tried to downplay the economic blowback of his unilateral military operation in the Middle East, which has garnered heavy criticism from both Democrats and Republicans.

The investment bank projects that prices will average above $100 per barrel in March, $85 per barrel in April, and then about $70 per barrel later in the year.

According to the bank, the most recent projections show that average costs for the remainder of the year would be almost 20% higher than they were in early 2026.

Natural gas prices are predicted by analysts to rise more dramatically in April, rising 52% to $19 per million British thermal unit and 68% to $20/mmBtu in Asia.