28th April 2026
With Brent now above $108 at 6.00pm on 27 April 2026, the short‑term outlook points to further rises or at least continued volatility over the next 1–3 days, because the drivers pushing prices up are still in place and worsening rather than easing.
Why more rises are likely in the next few days
The latest verified reporting shows:
Brent climbed above $108 as US–Iran peace talks stalled and the Strait of Hormuz remains heavily constrained.
Shipping through Hormuz is still near‑zero, keeping supply tight and pushing prices higher.
Technical forecasts show Brent trading in a bullish range, with expected short‑term prices between $106–$110, and resistance levels that allow for further upward movement.
Daily forecasts for the coming days show potential highs of $111–$120 depending on the day, indicating upward pressure remains strong.
Taken together, these sources show a market that is already elevated and still facing the same supply‑shock conditions that caused the rise — meaning the price is more likely to rise or stay high than fall sharply in the next couple of days.
What could happen in the next 48–72 hours
Based on the data:
1. Prices could edge higher (most likely)
Forecasts for the next few days show highs of $111–$120, which is above today’s $108–$109 range.
This suggests further upward movement is possible, especially if no progress is made on reopening Hormuz.
2. Prices may stay volatile
Technical indicators show moderate volatility (ATR ~7.9), meaning daily swings of several dollars are normal in this environment.
3. A sudden drop is unlikely unless diplomacy improves
The only scenario that would push prices down quickly is a credible breakthrough in US–Iran talks or a partial reopening of Hormuz — and current reporting shows negotiations have stalled, not improved.
What this means for UK petrol and diesel
Because UK pump prices lag wholesale oil by 7–10 days, the rise above $108 today means:
Petrol and diesel are likely to rise again next week, not just this week.
Diesel will rise faster because global diesel markets are tighter.
Rural areas like Caithness will feel the increases earlier and more sharply.
If Brent moves into the $112–$120 range this week — which the forecasts say is possible — then £2/litre diesel becomes more likely in some regions.