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Analysts Hike Oil Forecasts Amid Iran Conflict Fears
30 Apr
Summary
- Oil price forecasts raised for second time since Iran war.
- Brent crude reached over $120 a barrel, highest in four years.
- Extended market disruption expected due to Iran conflict.
Analysts have revised their oil price forecasts upward for the second time since the Iran war commenced, anticipating sustained energy market disruption. Brent crude has surged to over $120 per barrel, marking a four-year high. The survey indicates Brent is expected to average $86.38 per barrel in 2026, with U.S. crude projected at $80.07.
The primary driver for these increased forecasts is the ongoing situation concerning Iran and the potential closure of the Strait of Hormuz. Experts believe prices will remain elevated even if de-escalation occurs, as recovering production and exports will take months. The International Energy Agency estimates it could take approximately two years to restore lost energy output in the Middle East.
