Crude Oil Prices Forecast to See Limited Gains Amid Israeli Strikes on Iran

Global Oil Market Update

Market Overview The ongoing Israel-US attack on Iran has heightened concerns over global oil markets, particularly regarding potential disruptions to shipping routes through the Strait of Hormuz. Market experts believe that the US and Israeli strikes on Iran and Tehran's subsequent retaliatory actions have intensified fears of global crude oil supply disruptions, potentially driving prices higher.

Crude Oil Prices Oil prices are expected to remain in focus on Monday, with Brent crude and US WTI rallying more than 3% in the previous session. US WTI crude futures settled at $67.29 per barrel, up $2.08 or 3.19% in a single session, while Brent advanced 3.4%, or $2.37, to close at $72.87 per barrel. Both global oil benchmarks are trading at their highest levels since July and August, respectively.

Market Projections According to Amit Goel, Chief Global Strategist at PACE 360, there will be a limited rise in crude oil prices due to the rising US-Iran war buzz. Goel projected that the crude oil price may not go beyond $75 per barrel, and the Brent crude oil price may not go beyond $80 per barrel. Meanwhile, Barclays Bank estimated that Brent crude prices could climb to nearly $80 per barrel if a major supply disruption occurs.

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Disruption Risk An Equirus Study suggested that even partial disruption risk could embed a $20–$40 per barrel geopolitical premium, reopening a pathway toward $95–$110 plus, well beyond the mechanical impact of Iran's barrels alone.