Khaberni - Barclays Bank raised its forecasts for the price of Brent crude futures to around $100 per barrel on Saturday, up from $80 on Friday, following bombings by the United States and Israel on various locations in Iran.
The bank stated in a report, "Oil markets may have to face their worst fears on Monday. In the current situation, we believe that the price of Brent could reach $100 (per barrel), as the market deals with the possibility of supply disruptions amid deteriorating security conditions in the Middle East."
The United States and Israel launched attacks on Iran on Saturday, targeting its top leaders and calling for the overthrow of its government, while Tehran responded by launching missiles at Israel.
Oil prices rose by about 2% last Friday, as traders braced for supply disruptions amid failed nuclear negotiations between the United States and Iran. Brent crude settled at $72.48 per barrel at the close.
About one-fifth of the world's oil consumption passes through the Strait of Hormuz, located between Oman and Iran, making any interruption in the region a significant risk to global oil supplies.
Iran and other OPEC member countries, including Saudi Arabia, the UAE, Kuwait, and Iraq, export most of their crude oil through the strait, especially to Asia.
Data from the U.S. Energy Information Administration indicates that Iran was in 2025 the third-largest producer of crude oil in OPEC, after Saudi Arabia and Iraq.
