Prices update every 60 seconds via public market data feed. Last updated: April 8, 2026 — Prices are indicative.
Through most of January and February 2026, Brent crude traded in a relatively narrow band around $72-$78 per barrel. WTI hovered in the $68-$74 range. Supply was adequate, inventories sat within seasonal norms. The prevailing narrative was one of balance.
Week 1 (Feb 28 - Mar 6): Initial market reset sent Brent from $75 to $92 in three sessions.
Week 2 (Mar 7 - Mar 13): Supply-corridor adjustments pushed Brent through $100.
Week 3 (Mar 14 - Mar 20): Tighter Hormuz transit conditions. Brent rose to $118.
Week 4 (Mar 21 - Mar 27): OPEC+ emergency session, no increase. Brent touched $130.
Week 5 (Mar 28 - Apr 3): Consolidation at $122-$132. IEA strategic reserve release.
Week 6 (Apr 4 - Apr 7): Brent at $128-$134. Diplomatic calendar developments. Daily swings of $4-$8.
Any dip below signals meaningful supply-side easing.
Tested four times without a sustained break higher.
If supply dynamics tighten further through summer.
Only under broader supply disruptions to critical corridors.
Goldman Sachs -- Q2 Brent forecast revised to $135 (from $82). Upside scenario $150 if supply tightness persists into summer.
Morgan Stanley -- Projects $125-$140 through Q3. Alternative shipping adds $8-$12/bbl in transport costs.
IEA -- Describes current Hormuz transit conditions as among the most significant since the 1973 embargo.
Many conventional "oil trading" sites promote CFDs, leveraged brokers, and margin-based speculation. This site does not. Those instruments are incompatible with Shariah for three reasons recognized across the major schools of Islamic jurisprudence and affirmed by AAOIFI Shariah standards:
Observant Muslim investors seeking oil-related exposure should instead consider direct ownership of screened energy equities, physical precious metals, Shariah-compliant ETFs, sukuk issued by oil-producing nations, or professionally managed halal portfolios. See our full comparison of halal platforms.
This week brings several important data releases and policy developments. Below are the three primary forward scenarios analysts are currently tracking.
Supply corridor operations normalize. Oil drops $20-$30 over the next few sessions as the supply-tightness premium eases.
Supply dynamics tighten further. Oil rises toward $140-$150 as the market reprices available flows.
Supply and demand remain broadly in balance at current levels. Oil stays in the $125-$135 range with elevated volatility.
Expect elevated volatility. Daily ranges of $6-$10 on Brent are probable. Halal investors who hold diversified real-asset portfolios (screened equities, physical gold, sukuk) can observe these moves with patience rather than reactivity.
| Date | Brent (USD) | WTI (USD) | Market Note |
|---|---|---|---|
| Feb 27 | $75.20 | $70.85 | Early-year baseline |
| Feb 28 | $82.40 | $77.90 | Market reset begins |
| Mar 3 | $92.15 | $87.30 | Initial surge peak |
| Mar 7 | $96.80 | $91.50 | Hormuz transit warnings |
| Mar 10 | $101.40 | $96.20 | Brent breaks $100 |
| Mar 14 | $108.60 | $103.10 | Transit conditions tighten |
| Mar 17 | $118.30 | $112.80 | Insurance markets reprice |
| Mar 21 | $125.40 | $119.70 | OPEC+ emergency meeting |
| Mar 24 | $130.20 | $124.50 | Intraday high: $132.80 |
| Mar 28 | $126.50 | $121.20 | IEA strategic reserve release |
| Mar 31 | $128.80 | $123.40 | Consolidation phase |
| Apr 3 | $131.50 | $126.10 | Diplomatic calendar update |
| Apr 7 | ~$129-134 | ~$124-129 | Current week |
| Member | Quota (mb/d) | Actual (mb/d) | Compliance |
|---|---|---|---|
| Saudi Arabia | 10.5 | 10.3 | Over-compliant |
| Russia | 9.9 | 9.7 | Over-compliant |
| Iraq | 4.4 | 4.5 | Under-compliant |
| UAE | 3.2 | 3.1 | Compliant |
| Kuwait | 2.7 | 2.6 | Compliant |
Note: Effective output from Gulf producers reflects Strait transit dynamics limiting exports to global markets.
Current Level: ~345 million barrels (post-IEA release)
Pre-Release Level: ~370 million barrels
Historical Peak: 727 million barrels (2009)
Refill Timeline: Replenishment paused at current price levels.
2026 Global Demand: 103.8 mb/d (revised down from 104.5 due to demand adjustment)
Demand Adjustment: 0.5-0.7 mb/d at sustained prices above $120
China Growth: Slowed to 0.3 mb/d (from projected 0.6)
OECD Demand: Contracting by 0.2 mb/d at current levels
Oil at current levels creates investment considerations worth thinking through carefully. The following are AAOIFI-aligned, Shariah-compliant approaches to participating in current market dynamics -- each without riba, gharar, or maisir.
Direct ownership of integrated energy majors and services firms that pass AAOIFI screens through Zoya or Musaffa. Real business ownership, real dividends from real profits, fully funded from your own capital.
Gold has moved higher alongside oil across many historical cycles. Classical halal asset with full qabd. Order physical bullion with delivery or allocated storage.
Fully managed Shariah-compliant portfolios with an ethical review board of Islamic scholars. Includes halal-screened energy equities, gold allocation, and sukuk from oil-producing Gulf nations.
All investing involves risk. Halal status does not guarantee profit. Past performance is not indicative of future results. Never invest more than you can afford to lose.
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