Oil risks breaking through the $140 mark

Oil prices in Asia this week could exceed $140 per barrel amid the escalation of the situation in the Middle East and the ongoing blockade of the Strait of Hormuz.

This assessment was made by Rystad Energy's Vice President for Oil Markets, Lin Ye.

"The situation will escalate with each passing day, and the market will respond with rising prices. We even expect higher prices this week, potentially above $140 [per barrel]," she said at a briefing, commenting on the sharp rise in oil prices.

Earlier on Monday, the price of Brent crude for May 2026 delivery on London's ICE exchange exceeded $119 per barrel for the first time since June 17, 2022.