Oil Prices Could Hit $120 a Barrel, Expert Warns Amid Middle East Turmoil.

Forecast for Rising Oil Prices

According to Novyny.live: Oleksiy Kushch expects crude oil to climb to $120 per barrel as tensions escalate in the Middle East. Currently, oil is trading around $115 per barrel. According to Kushch, his projected price target for oil now stands at $120 per barrel.

The analyst notes that his initial forecasts started at $80, then moved to $90–100, and now his third prediction point is $120 per barrel.

“The third part of my oil price forecast is reaching the $120 per barrel mark,” Oleksiy Kushch stated.

He also emphasized that “ultra-high — we define that level as anything above $100 per barrel.”

Oil Market Situation

Additionally, it is worth noting that since March 13 of this year, the United States has allowed temporary purchases of oil from Russia. However, former President Donald Trump has stated that sanctions against the Russian Federation will remain in place even after the conflict in the Middle East ends.

As a result, global oil markets remain tense, and further developments could significantly impact pricing in this sector.

A rise in oil prices to $120 per barrel may signal serious economic and political shifts occurring globally, particularly in the Middle East. Analysts believe that oil price stability depends on many factors, including political decisions and actions by major producers. Given the current situation, tracking oil prices will continue to be a key aspect for analyzing the global economy and energy market.