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Oil could top $150 a barrel if supplies tighten further, Bank of America warns
MarketWatch • • business
Key Points:
- Bank of America warns that oil prices could surge to over $150 a barrel if inventory depletion continues amid ongoing conflict in Iran.
- The bank has increased its year-end Brent crude forecast from $83 to $95 a barrel due to geopolitical tensions and supply concerns.
- Despite mitigation efforts like alternative routes and escorted shipments through the Strait of Hormuz, damaged infrastructure and rising tensions hinder rapid market normalization.
- The outlook reflects heightened risks in the oil market driven by the war in Iran and its impact on global supply chains.
