Global Oil Prices Could Skyrocket to $160 a Barrel: Expert
09:06 10.03.2026 (Updated: 09:33 10.03.2026)
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Global oil prices could skyrocket to $160 a barrel – expert
"In the next few days, there will likely be a downward movement toward $100 if the G7 makes a positive decision to release additional reserves,” Russian expert Igbal Guliyev told Sputnik.
He warned, however, that if the US and Israeli war against Iran persists, oil prices are almost sure to increase.
“I think we'll face geopolitical risks again, and there will be an actual shortage of physical supply. If this continues in the long term, we can safely expect a price of $150–160 per barrel," the expert cautioned.
Guliyev noted that a possible decision to release 300–400 million barrels, about a quarter of all G7 reserves, could smooth out the sharp price spike in the short term, but in the long term, it won’t help to curb prices.
The finance ministers of G7 countries earlier discussed the possibility of jointly using oil from strategic reserves during an extraordinary meeting chaired by International Energy Agency head Fatih Birol.
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"In the next few days, there will likely be a downward movement toward $100 if the G7 makes a positive decision to release additional reserves,” Russian expert Igbal Guliyev told Sputnik.
He warned, however, that if the US and Israeli war against Iran persists, oil prices are almost sure to increase.
“I think we'll face geopolitical risks again, and there will be an actual shortage of physical supply. If this continues in the long term, we can safely expect a price of $150–160 per barrel," the expert cautioned.
Guliyev noted that a possible decision to release 300–400 million barrels, about a quarter of all G7 reserves, could smooth out the sharp price spike in the short term, but in the long term, it won’t help to curb prices.
The finance ministers of G7 countries earlier discussed the possibility of jointly using oil from strategic reserves during an extraordinary meeting chaired by International Energy Agency head Fatih Birol.
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