Barclays raised its forecast for Brent crude futures to around $100 a barrel on Saturday, February 28, up from $80 on Friday, after the United States and Israel bombed several sites in Iran.
The bank said in a report that oil markets may have to face their worst fears on Monday. In the current situation, we believe Brent crude could reach $100 a barrel, as the market grapples with the possibility of supply disruptions amid the deteriorating security situation in the Middle East.
The United States and Israel launched attacks on Iran today, targeting its top leaders and calling for the overthrow of its government, while Tehran responded by firing missiles at Israel and neighboring Gulf states.
Oil prices rose by about 2% on Friday as traders braced for potential supply disruptions if nuclear talks between the United States and Iran failed to produce an agreement. Brent crude settled at $72.48 a barrel.
Approximately one-fifth of the world's oil consumption passes through the Strait of Hormuz. Iran and other OPEC member countries export this oil.
OPEC, which includes Saudi Arabia, the United Arab Emirates, Kuwait and Iraq, sends most of its crude oil through the strait, primarily to Asia.
Data from the U.S. Energy Information Administration indicates that in 2025 Iran was the third largest producer of crude oil in OPEC after Saudi Arabia and Iraq.
