West Texas Intermediate crude and war
The article discusses the possibility of oil prices rising to $120 per barrel, due to ongoing geopolitical tensions and their impact on crude oil supplies. This is especially relevant following the closure of the Saudi East-West pipeline after a drone attack, and the decline in shipping activity through the Strait of Hormuz and the Red Sea. Analyses indicate that the price increase depends on the continuation of current pressures, with forecasts suggesting that West Texas Intermediate could reach $117.75. However, reaching $120 will depend on the persistence of supply disruptions and escalating geopolitical risks, particularly if diplomatic efforts fail to de-escalate tensions and improve shipping conditions in the region.
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