Brent Oil Forecast to Reach $120 Amid Escalating Strait of Hormuz Tensions

Key Facts

1Brent crude prices rose to $110 and WTI to $99.05, reaching their highest levels since May 20.

2The Iranian Revolutionary Guard Corps (IRGC) targeted at least four additional ships in the Strait of Hormuz over the weekend.

Brent crude prices rose to $110 and WTI reached $99.05, marking their highest levels since May 20. Invezz reported that the Iranian Revolutionary Guard Corps (IRGC) targeted at least four additional ships in the Strait of Hormuz over the weekend, intensifying concerns over global shipping safety.

Analysts forecast a potential rise to $120 for Brent if maritime disruptions persist. The qualitative trend indicates a sustained geopolitical risk premium as energy markets react to the ongoing escalation in the Middle East.