Brent crude oil forecast to rise to $100 per barrel amid Iran-Israel conflict
The escalation of the Iran-Israel conflict will cause a further increase in Brent crude oil prices, up to $100 per barrel by the end of June. This was reported by experts interviewed by Izvestia. Against the background of the escalation that began on the night of June 13, raw materials have already risen in price to $78. In the future, the situation in the Middle East is capable of further accelerating global inflation — global stock markets have already reacted to these risks by falling.
The closure of the Strait of Hormuz, through which about 18-20 million barrels per day pass from Saudi Arabia, Iraq, the United Arab Emirates, Kuwait, which accounts for about 20% of global consumption, could be a serious test, said Ekaterina Kosareva, managing partner of VMT Consult.
On June 14, it became known that Tehran was considering the option of closing it. According to New Farsi, in this case, oil prices may rise to $250. Igor Yushkov, a leading analyst at the National Energy Security Fund, pointed out that if Israeli attacks take all Iranian oil production and exports off the market, provided that OPEC+ does not interfere in the situation, then oil prices could really soar to $90-100 per barrel.
Independent expert Andrey Barkhota gave a similar forecast to Izvestia. In his opinion, by the end of June, commodity prices could skyrocket to $100 in urgent shipments.
Gold prices also showed an increase, up to $3,463 per ounce. In the coming weeks, a further increase in the price of precious metals is possible, as investors treat it as an eternal protective asset, Barkhota expects. However, the dynamics will no longer be as pronounced as with raw materials: the surge in investments in "safe haven assets" will be temporary.
Read more in the exclusive Izvestia article:
And oil: Brent is forecast to rise to $100 amid the Iranian-Israeli conflict
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