Oil prices may approach $150 amid US-Iran escalation, Rystad says

Rising tensions between Iran and the United States have put the April ceasefire agreement at risk, and oil prices may approach $150 per barrel if full-scale fighting resumes, Jorge Leon, head of geopolitical analysis at consulting firm Rystad Energy, said.

Report informs that Leon said the likelihood of reaching an agreement in the near term had fallen by 40% compared with the company's previous assessment.

He said the situation was becoming increasingly uncertain, and that the next few days would be crucial for understanding whether diplomacy could regain the upper hand or whether the conflict would enter a more prolonged phase of escalation.

According to Rystad Energy, this uncertainty has been reflected in oil price movements: Brent crude futures rose sharply on June 10 to around $94.5 per barrel, before falling back to about $93 per barrel.