Iranian official says oil unlikely to fall below $80 even after stabilisation

Oil prices are unlikely to drop below $80 per barrel even after geopolitical tensions ease, according to a representative of Iran’s Oil Products Exporters Union.

In an interview with IRNA, Seyed Hamid Hosseini said that the “real price” of oil is higher than benchmark levels and is heavily influenced by political developments, including Iran–US negotiations, maritime blockades, and the situation in the Strait of Hormuz.

He argued that reduced supply, declining strategic reserves, and disruptions in production across Gulf states have led to a market deficit, pushing prices higher.

“If restrictions persist, prices could exceed $150,” Hosseini said. “Even after the end of hostilities and the reopening of routes, returning to normal conditions will take time, and it is unlikely that prices will fall below $80.”

By Vugar Khalilov