Middle East tension could drive up oil prices: $130 possibility on the agenda

Recent developments in the Middle East have created significant uncertainty in energy markets.

According to JPMorgan's analysis, a blockage in the Strait of Hormuz or an expansion of conflicts in the region could lead to a serious spike in oil prices. While the bank expects oil prices to remain in the $60 range for 2025 under current conditions, it states that in the worst-case scenario, prices could reach the $120–$130 range.

JPMorgan emphasizes that a potential closure of the Strait of Hormuz could cause approximately 2.1 million barrels of Iranian oil per day to be withdrawn from the market, which would lead to a dramatic increase in prices.

US CONTINUES EVACUATION PREPARATIONS

The tension between the US and Iran over the nuclear program has further increased risks in the region. Following Iran's statements that it would target American bases in a potential conflict, the US administration decided to evacuate its embassy in Baghdad. While the White House confirmed this decision, it was reported that the US military is also continuing its preparations for the evacuation.

A cautious atmosphere prevails in the markets due to the impact of these developments. The possibility of military activity in the Middle East has increased concerns about potential supply disruptions and led investors to strengthen their oil positions.

Brent crude started the day at $68.78 in international markets. As the price per barrel exceeded $70 under the influence of the tension experienced during the day, it was trading at $69.13 in the evening hours. Experts state that developments in the region should be closely monitored and that sudden spikes in oil prices could occur in the event of a potential crisis.

News Source: 12punto