Energy consultancy forecasts oil at $200 per barrel

Energy market consultancy FGE Nexant ECA predicted that oil prices could reach levels between $150 and $200 per barrel if the near-total closure of the Strait of Hormuz continues for six to eight weeks due to the conflict with Iran.

 

The absence of the 100-million-barrels per week of market supply as a result of the disruption to shipping in the Strait will lead to unprecedented losses in global supply, putting sharp upward pressure on prices, Fereidun Fesharaki, Chairman Emeritus of FGE, said in interview with Bloomberg.

 

Fesharaki downplayed the effectiveness of verbal interventions, including Donald Trump’s statements about the possibility of ending the conflict, stressing that the actual reality of supply shortages is the main driver.

 

The market will suffocate and prices will rise, and that will not change what the president says on the political level, he noted.

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