Oil prices rose today, Tuesday, May 26, 2026, with the return of geopolitical tensions after US military strikes in southern Iran. In this report, we review the latest prices of Brent crude and West Texas Intermediate (WTI), the reasons for the recent movements, and their impact on the global market.
Who is it for: Investors, traders, and those interested in energy markets in Saudi Arabia
Where is it: ICE Exchange (Brent) and NYMEX Exchange (WTI) through global trading platforms
How much does it cost: Brent ~98.21 dollars per barrel | WTI ~91.25 dollars per barrel
When: Daily updates during trading sessions
⚠️ Important alert: Sharp fluctuations are expected with the continuation of negotiations between the US and Iran — closely monitor the market before making investment decisions
Oil Prices Today — Quick Summary
| Indicator | Current Price | Change | Percentage |
|---|---|---|---|
| Brent Crude (Brent) | 98.21 dollars | +0.96 dollars | ▲ +0.99% |
| WTI Crude | 91.25 dollars | -6.83 dollars | ▼ -6.96% |
| Brent Futures (July) | 98.26 dollars | +1.93 dollars | ▲ +2.0% |
| WTI Futures (July) | 91.73 dollars | -4.92 dollars | ▼ -5.1% |
Reasons for Today’s Price Movements
1. US Military Strikes in Southern Iran
The US military command announced that its forces carried out strikes in southern Iran targeting boats suspected of attempting to plant sea mines, in addition to missile launch sites. These operations — which the Pentagon said aim to protect US forces — brought tension back to oil markets after a period of optimism about negotiations.
2. US-Iran Negotiations
US President Donald Trump said that negotiations with Iran are “going well”, but warned that military operations may resume if the talks fail. The two parties are currently discussing an agreement to extend the ceasefire for two months, in exchange for lifting the blockade and reopening the Strait of Hormuz — through which about 20% of the world’s oil supplies pass.
3. Global Inventory Shortage
Swiss bank UBS revealed that the global oil inventory decreased by 246 million barrels in March and April, and that cumulative production losses may exceed one billion barrels by the end of May. This sharp decline in supply supports prices over the medium term.
Oil Performance Over the Past Week
Despite today’s rise, oil prices are still down by more than 10% over the past week. This decline is due to the optimism that dominated the markets last week regarding the possibility of reaching an agreement between the US and Iran, which could mean the return of Iranian oil to the global markets and the lifting of the blockade on the Strait of Hormuz.
- Brent a week ago: was at 103.89 dollars per barrel
- WTI a week ago: was at 98.21 dollars per barrel
Frequently Asked Questions ❓
What is the price of Brent today in Saudi Arabia?
The price of Brent crude today, Tuesday, May 26, 2026, is $98.21 per barrel, up 0.99% from yesterday.
Will oil prices rise further?
Analysts expect price fluctuations to continue in the coming period. According to Trading Economics, Brent is expected to reach $105.57 by the end of the second quarter and $120 within 12 months—but this largely depends on the outcomes of negotiations between the US and Iran.
How do oil prices affect Saudi Arabia?
The Kingdom is the world’s largest oil exporter, and rising prices support government revenue and the budget. However, sharp fluctuations impact investment plans and economic diversification under Saudi Vision 2030.
Final Word
Oil markets are experiencing one of the most volatile periods in years, amid military strikes, negotiations, and shrinking inventories. Follow our news for daily updates on oil prices and their impact on Saudi Arabia.
Sources: CNBC — Trading Economics — UBS — OilMonster.com
