Crude Oil Price Forecast for Next Week: Will WTI and Brent Extend Their Rally?

Key Takeaways

• Crude oil prices surged for a fifth consecutive session, driven by escalating geopolitical tensions in the Middle East and growing concerns over global supply disruptions.
• WTI crude is trading near $90 per barrel, while Brent crude is approaching the psychologically important $100 level, marking the strongest weekly performance in more than a month.
• Next week's outlook remains bullish but highly volatile, with traders closely monitoring developments around the Strait of Hormuz, OPEC+ production policy, U.S. inventory data, and macroeconomic indicators.

Crude Oil Prices Rally on Supply Risk Concerns

Crude oil prices continued their sharp advance on Wednesday as fears of supply disruptions intensified. Brent crude climbed toward $98 per barrel, while U.S. West Texas Intermediate (WTI) rose above $89 per barrel, supported by heightened geopolitical tensions surrounding the Strait of Hormuz.

The latest rally follows reports of renewed attacks on oil shipping routes and increasing concerns that disruptions could affect one of the world's most important energy transit corridors. The Strait of Hormuz handles roughly one-fifth of global oil shipments, making any interruption a major catalyst for higher prices.

Meanwhile, strong seasonal fuel demand and declining inventories have added further support to crude prices, offsetting concerns over slowing global economic growth.

Crude Oil Price Forecast for Next Week

Bullish Scenario

Oil prices could continue moving higher next week if geopolitical risks remain elevated.

Several major market analysts believe supply concerns may outweigh demand uncertainty in the near term. Goldman Sachs continues to warn that prolonged disruptions to shipping routes could push Brent significantly above current levels, with extreme scenarios potentially driving prices well beyond $100 per barrel.

If tensions escalate further, traders may target:

• WTI: $90–93 per barrel
• Brent: $99–102 per barrel

A decisive breakout above these resistance levels could attract additional momentum buying.

Bearish Scenario

Despite the recent rally, downside risks remain.

Any diplomatic breakthrough in the Middle East, easing of shipping disruptions, or unexpected increases in OPEC+ production could trigger profit-taking after this week's strong gains. In addition, stronger-than-expected U.S. dollar performance or weaker economic data could reduce demand expectations.

Under this scenario:

• WTI could retreat toward $85–87
• Brent may pull back to $94–96

The overall medium-term trend would remain constructive unless geopolitical risks ease substantially.

Key Drivers to Watch Next Week

Several catalysts are likely to determine crude oil's next move:

• Middle East geopolitical developments, particularly around the Strait of Hormuz and Red Sea shipping routes.
• U.S. crude oil inventory data, which will provide fresh insight into domestic supply-demand conditions.
• OPEC+ production signals, as traders assess whether producers will maintain current output plans.
• Global macroeconomic data, including manufacturing activity and inflation indicators that influence energy demand expectations.

Together, these events could determine whether crude oil extends its rally or experiences a short-term correction.

Technical Outlook

From a technical perspective, both WTI and Brent remain in strong short-term uptrends after breaking above key resistance levels this week.

Momentum indicators continue to favor buyers, although overbought conditions suggest volatility could increase if prices approach major psychological levels around WTI $90 and Brent $100. Traders should watch whether prices can hold above recent breakout levels, as this would reinforce the bullish trend heading into next week.