Rystad Sees Oil Hitting $150 in Months as Brent Holds Near $94
Updated
Updated · CNBC · Jun 9
Rystad Sees Oil Hitting $150 in Months as Brent Holds Near $94
1 articles · Updated · CNBC · Jun 9
Summary
$150-a-barrel oil is possible within the next couple of months if Middle East fighting persists, Rystad Energy chief economist Claudio Galimberti said, warning that already-low inventories would keep tightening.
Brent crude was around $94 on Tuesday, and Galimberti said the crunch would ease only if flows through the Strait of Hormuz rise to 10 million barrels a day from about 2 million.
That increase could resolve the supply squeeze in three to six months, he said, but added the market is "absolutely not there" yet.
Rystad also sees a sharp reversal risk: after a deficit in 2026, 2027 could bring a large surplus if OPEC unwinds cuts, especially after the UAE's exit from the cartel.
The forecast lands after more than 100 days of war in the Middle East, with fragile ceasefire conditions and mixed Iran-U.S. negotiation signals keeping oil and other assets volatile.
Could the UAE’s looming OPEC exit turn today’s oil crisis into a massive price collapse and market chaos by 2027?
With two vital straits now threatened, is the world prepared for the shock of $150 oil before the predicted 2027 surplus?
Beyond fragile ceasefires, what diplomatic breakthrough could finally reopen the world’s most critical oil chokepoint?
2026 Oil Market Crisis: Hormuz Closure Drives Record Prices, Global Shortages, and Energy Transition Acceleration
Overview
In June 2026, the global oil market faces a severe crisis as Brent crude prices surge and physical oil for immediate delivery becomes scarce. This turmoil is mainly driven by the effective closure of the Strait of Hormuz due to the Iran conflict, causing panic over supplies and record-high premiums for key oil grades. The prolonged disruption at this vital chokepoint has created an extremely tight market, with escalating prices reflecting deep concerns about near-term availability. As a result, the oil market is experiencing unprecedented volatility and a breakdown in normal trading mechanisms, signaling broad economic risks ahead.