Even the Saudis Are Worried About High Oil Prices
newser.com • • general
Key Points:
- Saudi officials warn that oil prices could surge to $165–$180 per barrel if the Iran conflict continues to disrupt supplies through the Strait of Hormuz beyond April, with Brent crude potentially breaking $150 by mid-April.
- Brent crude futures have already reached about $119 following Iranian attacks on Gulf energy infrastructure, nearing the 2008 record of $146.08 per barrel.
- While higher oil prices would increase Saudi Arabia's revenues, the kingdom fears that excessive price spikes could lead to reduced demand, slower economic growth, and damage to its long-term market stability and reputation.
- Traders are increasingly betting on Brent crude hitting $130–$150 soon, with some analysts suggesting $200 per barrel is possible this year amid ongoing supply disruptions
