Trump Administration Forecasts Oil Prices Above $95 for Two Months Amid Iran Conflict

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Iran War: Oil Prices to Stay Above $95 for 2 Months, Says US Forecast

The vessel tanker Bella 1 is seen at Singapore Strait after US officials say the Coast Guard pursued an oil tanker in international waters near Venezuela. (Photo: Reuters)

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Firstpost•11-03-2026, 12:08

Iran War: Oil Prices to Stay Above $95 for 2 Months, Says US Forecast

•US EIA forecasts Brent crude above $95 for two months due to Iran War, then falling below $80 in Q3 and $70 by year-end.
•Iran's strikes on West Asian oil/gas sites and production cuts by regional producers (Saudi Arabia, Iraq, Kuwait, Qatar, UAE) fuel price surge.
•Closure of Strait of Hormuz, vital for 20-25% of global seaborne oil/gas, intensifies energy insecurity fears.
•Oil prices surged past $100 for the first time since 2022, reaching $119.50 before settling.
•US expected to be unaffected; higher prices may boost domestic production, and gas prices are forecast to be stable.

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