"Oil prices will remain high" - According to analysts, they could reach 200 USD/barrel with the occupation of Kharg
Oil prices could rise well beyond current levels, analysts say, as the closure of the Strait of Hormuz and attacks on production facilities in the Middle East have sharply reduced global supplies.
Brent crude futures prices have risen by more than 50% since the start of the war and briefly reached $119 a barrel last week, after Iran attacked energy targets across the Middle East and threatened ships trying to navigate the Strait, a channel for about a fifth of global oil and gas supplies.
Prices are expected to remain high under various scenarios presented by Reuters, according to a survey of 13 analysts, potentially rising to $200 a barrel if Iranian export facilities are damaged.
High energy prices are affecting the entire global economy. Oil and gas importing countries in Asia and Europe are taking the brunt and would be hit hardest if oil prices rose above $150 a barrel, analysts said.
Assuming current supply disruptions continue, analysts estimate Brent oil prices will fluctuate between $100 and $190, with an average forecast of $134.62. The war had reduced global oil supplies by about 11 million barrels per day since March 23.
An escalation of the conflict that damages export facilities on Kharg Island would push prices above $120, with some analysts predicting levels as high as $200. The median forecast for this scenario was $153.85.
If the US and Israel were to declare an end to the war soon, but Iran's threats to shipping operations through the Strait of Hormuz continue, analysts predict prices somewhere between $50 and $150, reflecting uncertainty about how long or severe disruptions to oil flow through the Strait would be after the war.
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