Media: Oil prices could surge to $140 a barrel

Global oil prices could climb as high as $140 per barrel if geopolitical tensions intensify and supply constraints deepen, according to analysts.

The report, published by Izvestia, suggests that a potential decision by the United States not to extend licences allowing sales of Russian and Iranian oil could keep prices elevated in the near term.

Yury Stankevich, deputy chairman of the State Duma’s energy committee, said the scale of the impact would depend on how significantly global supply is reduced.

Analysts expect Brent crude to trade between $90 and $110 per barrel in the short term. However, a further escalation in the Middle East could push prices into the $120–140 range.

In a more severe scenario marked by continued deterioration in the geopolitical environment, oil prices could spike to as much as $150–200 per barrel.

Conversely, any progress in negotiations could see prices retreat to below $100, the report said.

By Aghakazim Guliyev