Global Crude Outlook 2026 Crude oil prices have retreated from recent peaks as immediate concerns regarding a direct Iranian conflict subside. However, the market remains on high alert due to deep-seated geopolitical vulnerabilities that threaten current price stability. The **Strait of Hormuz** remains the primary focal point for energy security. Any disruption to this vital maritime corridor would significantly tighten global supply, overriding the recent cooling of war premiums. **OPEC+** policy continues to act as a secondary price floor. Market participants are closely monitoring the alliance for supply signals, as any extension of production cuts could offset the rising output potential from secondary producers like **Venezuela**. The 2026 outlook suggests a period of heightened volatility for both consumers and energy markets. While current prices have eased, the interplay between Middle Eastern stability and shifting production quotas ensures that crude remains sensitive to sudden shifts in the geopolitical landscape.