Oil at $119: But Real Chaos Depends on Iran & Hormuz
10:32 09.03.2026 (Updated: 11:28 09.03.2026)
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Oil at $119: But real chaos depends on Iran and Hormuz
"Short-term attacks and local disruptions can push Brent to $100 per barrel, but a sustained range above this level requires a significant reduction in exports from Iran, Qatar, and some OPEC members," Russian expert Igbal Guliyev tells Sputnik.
With the US and Israel’s war on Iran raging, Brent crude prices have already soared to $119 per barrel, marking the highest trading level since 2022.
Guliyev believes that Brent staying above $100 a barrel would only become a reality in scenarios of a prolonged crisis around the Strait of Hormuz.
"This is no longer a matter of the market, but of geopolitics and a forceful scenario in the Middle East," the expert concluded.
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"Short-term attacks and local disruptions can push Brent to $100 per barrel, but a sustained range above this level requires a significant reduction in exports from Iran, Qatar, and some OPEC members," Russian expert Igbal Guliyev tells Sputnik.
With the US and Israel’s war on Iran raging, Brent crude prices have already soared to $119 per barrel, marking the highest trading level since 2022.
Guliyev believes that Brent staying above $100 a barrel would only become a reality in scenarios of a prolonged crisis around the Strait of Hormuz.
"This is no longer a matter of the market, but of geopolitics and a forceful scenario in the Middle East," the expert concluded.
Subscribe to @SputnikInt
