Barclays says Brent crude oil could reach $100 a barrel after US and Israel strike Iran
By Scott DiSavino
NEW YORK, Feb 28 (Reuters) - Barclays boosted its Brent crude oil futures price forecast to around $100 per barrel on Saturday, up from $80 on Friday, after the United States and Israel bombed several sites in Iran.
"Oil markets might have to face their worst fears on Monday. As things stand right now, we think Brent could hit $100 (per barrel), as the market grapples with the threat of a potential supply disruption amid a spiraling security situation in the Middle East," the bank said in a report.
The United States and Israel attacked Iran on Saturday, targeting its top leaders and calling for the overthrow of its government, while Iran responded with missiles fired at Israel and neighboring Gulf countries.
Oil prices rose about 2% on Friday, with traders bracing for supply disruptions as nuclear talks between the U.S. and Iran had yet to reach an agreement. O/R Brent LCOc1 settled at $72.48 a barrel.
About a fifth of the oil consumed globally passes through the Strait of Hormuz between Oman and Iran, making any disruptions in the area a major risk to global oil supplies.
Iran and fellow Organization of the Petroleum Exporting Countries members Saudi Arabia, United Arab Emirates, Kuwait and Iraq export most of their crude via the strait, mainly to Asia.
In 2025, Iran was the third-biggest crude producer in OPEC behind Saudi Arabia and Iraq, according to U.S. Energy Information Administration data.
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