BE - September 2026

Study The economic effects of higher insur- ance costs were quickly reflected in oil markets. Brent crude, which had traded at around $72 per barrel be- fore the closure of the strait, rose to nearly $120 in March 2026 before falling back to about $92 later that month (IEA, 2026). Following the signing of a protocol between the United States and Iran in June, the price declined to around $69 in early July, before rising again amid re- newed security incidents involving tankers (EIA, 2026). As a result, the EIA raised its forecast for the average Brent price for the year as a whole to $87 per barrel. These pressures were compounded by longer shipping routes. Diverting around the Cape of Good Hope adds ISSUE 213 SEPTEMBER 2026 the BANKING EXECUTIVE 59