Saudi Arabia estimates that oil prices could reach $180 per barrel if the energy shock continues through late April, according to a report by the Wall Street Journal.
Oil: scenarios for surge to $180
Specifically, oil industry sources in Saudi Arabia predict that oil prices could exceed $180 per barrel if supply problems in the market due to the war in Iraq continue and persist through the end of April.
It should be noted that yesterday saw a new jump in oil prices, which approached $120 per barrel after earlier surpassing (Brent crude) $118, following attacks on energy infrastructure in Iran and Qatar.
Price retreat following Netanyahu’s statements
With the war in the Middle East raging for a third week, there is intense concern about oil and gas supply to the market. Oil prices were declining early Friday morning (20/3) in Asian markets, several hours after Israeli Prime Minister’s press conference last night, during which Benjamin Netanyahu argued that Iran is being “decimated” and that the war could end “faster” than expected.
The price of North Sea Brent crude was down 2.55% at $105.88 around 03:40 (Greek time). Meanwhile, the price of the American benchmark variety WTI was down 2.46% at $93.20 per barrel.
The Israeli prime minister’s statements “calmed” the market, as Steven Innes of SPI Asset Management estimated in his note — while the war, on its 20th day, continues to rage.
Source: APE-MPE
