Oil’s Year of The Glut Begins With an Unexpected Price Surge

It was supposed to be the year of glutted oil markets and lower prices, but the first weeks of 2026 have instead been dominated by geopolitical spikes and supply disruption,...

By Alex Longley, Mia Gindis, Yongchang Chin · Bloomberg Markets

It was supposed to be the year of glutted oil markets and lower prices, but the first weeks of 2026 have instead been dominated by geopolitical spikes and supply disruption, powering futures to $70 a barrel.