Oil projected to reach $100 this year

Oil prices depend on the stability of the ceasefire agreement between the United States and Iran, with Brent crude remaining near $100 per barrel until the end of the year, according to Rapidan Energy Group. They have raised their forecast for the average price to around $100 during the fourth quarter, with expectations it could rise to $105 if tensions continue to escalate. The company indicated that a collapse of the understanding could lead to an escalation of the conflict and decrease expectations of shipping through the Strait of Hormuz returning to pre-war levels by 2027, as prices continue to rise and a shortage in the global oil market is anticipated for at least a year.

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