Where is oil headed?
The escalation of the conflict in the Middle East, with attacks on energy infrastructure, accentuates the fear of supply disruptions and pushes crude upwards, despite demand starting to shrink due to high prices.
The escalation of conflict in the Middle East, with attacks on energy infrastructure, has raised fears of supply disruptions and driven up crude oil prices. The war in Iran, now in its seventh month, has caused significant economic consequences, including a surge in oil and natural gas prices, inflation, and a response from central banks such as the European Central Bank, led by Christine Lagarde, which expects high inflation to persist.
Experts predict that if the conflict worsens and prolongs, crude oil prices could reach $120 or even $150 per barrel, with Goldman Sachs and Bank of America making such forecasts. The International Energy Agency (IEA) estimates that global oil demand will decline by 2.5 million barrels per day this year due to the conflict and high prices.
Written by urgent.news from Expansion ES's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
