THIS YEAR was supposed to be miserable for oil companies. Brent crude was forecast to fall below $60 a barrel, down from $68 in 2025 and $80 in 2024, amid a “super glut” in supply. Instead Donald Trump’s war in the Gulf has propelled prices into triple digits. Many analysts now expect them to average $85 or more in 2026; some anticipate $120 a barrel if shipping attacks in the Strait of Hormuz continue. On September 11th Saudi Arabia shut its East-West pipeline, an alternative route for its oil, after a drone Attack.
