Poll: What’s next for oil prices?

Oil drilling rigs

Oil markets are closely watching prices as Middle East tensions continue to threaten crude flows through the Strait of Hormuz, disrupting global supply and pushing prices higher. Brent crude closed above $100 per barrel yesterday for the first time since August 2022.

During the week, prices briefly surpassed $120 per barrel. In response to the supply disruption, the International Energy Agency (IEA) approved the release of 400 million barrels from strategic reserves, the largest emergency draw in its history.

The CEO of Saudi Aramco warned that a prolonged closure of the Strait of Hormuz could have severe consequences for global oil markets.

How do you expect oil prices to move in the coming period?