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economicOct 12, 2026

Goldman Sachs increases Brent price outlook to $90 per bbl for December — Reuters

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Oil prices declined on Monday amid expectations of increased Russian supplies after the statements made by US President Donald Trump

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US Central Command Chief of Staff Brad Cooper asserted in a video statement that US and regional partners, rather than Iran, control the Strait of Hormuz, claiming the US blockade of Iranian ports has halted Iran's non-humanitarian maritime trade and prevented the export of at least $25 billion in crude oil.

Cooper further stated that US forces assisted Gulf allies in moving more than 100 million barrels of crude through the strait in the past week, while noting that these actions have degraded the IRGC's ability to project power, although these specific operational metrics and cost assessments remain unverified independent claims.

Location: Strait of Hormuz