Oil price condition for reaching $200 named

A barrel of benchmark Brent crude oil could rise to 200 dollars in the event of further large-scale attacks on Iran's energy infrastructure.

As reported by BAKU.WS with reference to "RIA Novosti", this condition was outlined by analysts at the American bank Citigroup.

New strikes on Iran's energy sector, as well as a blockade of the Strait of Hormuz, could drive up commodity prices.

"Under a bullish price scenario, estimated at a 30% probability, the price of Brent crude could reach 150 dollars per barrel and rise to 200 dollars if Iran attacks larger energy infrastructure facilities or if the Strait of Hormuz is effectively blocked by June," the experts believe.

Against the backdrop of the ongoing conflict, oil will rise to 110-120 dollars per barrel in the coming days. Commodity prices will continue to increase until political or strategic intervention is required.

Against the backdrop of Iran's statements about U.S. and Israeli missile strikes on its energy facilities, the price of North Sea Brent crude shifted to rapid growth. By 17:05 Baku time, the price of the May delivery futures contract for Brent surged by 4.35% from the previous trading session's closing level, reaching 107.9 dollars per barrel.