Media: Oil prices could hit $100 as US-Iran tensions risk supply shock

Global oil markets face a potential sharp rally as tensions between the United States and Iran escalate, with experts warning that an imminent conflict could send crude prices soaring.

FGE NexantECA Chairman Emeritus Fereidun Fesharaki told Bloomberg TV on February 23 that he sees little chance of Washington backing down, predicting that any confrontation with Tehran could lift oil prices to $90–$100 a barrel, Caliber.Az reports, citing Bloomberg.

“It is very hard for me to see a scenario that they would just avoid this, and turn the ships around and go home,” Fesharaki said, citing the strategic pressures facing the US in the region.

Oil has already surged this year, reflecting a risk premium added to prices amid the standoff between Washington and Tehran.

Analysts say the situation has caught some traders off guard, who had anticipated declines linked to global oversupply. Fesharaki highlighted possible Iranian moves that could disrupt supply, including attacks on neighbouring Gulf states or attempts to block the Strait of Hormuz.

US President Donald Trump, who ordered limited strikes against Iran last year, has continued a military build-up while pursuing a nuclear deal.

Talks between the two countries are due to resume in Geneva on February 26, though Fesharaki warned that the negotiations were “guaranteed to fail” under current conditions. He added that even if the Iranian regime were removed, restoring stability to the region could take up to a year.

By Aghakazim Guliyev