Oil Prices Surge: Brent Climbs Towards $110 a Barrel

Oil prices are trending upwards, with Brent reaching $110.28 a barrel. This is happening despite statements from the US Treasury Secretary.

Scott Besent stated that the US may lift sanctions on Iranian crude oil stored in tankers, aiming to de-escalate prices after a potential closure of the Strait of Hormuz by Iran.

Citigroup expects Brent and WTI to potentially reach $120 a barrel within the next few months, while in an extreme scenario, prices could even touch $150.

According to the Wall Street Journal, Saudi officials estimate that oil prices could exceed $180 a barrel if disruptions related to the war in Iran persist.