Bank of America Assumes Oil Prices Could Rise to $150 Per Barrel — Reports
The Bank of America logo is seen on a branch office, Oct. 14, 2022, in Boston.
WASHINGTON (Sputnik) — Oil prices could rise to $150 per barrel if major energy infrastructure amid escalation in the Middle East gets damaged, media reported on Thursday, citing Bank of America analysts. If attacks continue and passage through the Strait of Hormuz gets further restricted, oil prices could range from $95 to $120 per barrel, the report said, adding that damage to critical energy infrastructure could cause even greater growth of prices. At the same time, the bank’s analysts still reportedly expect a gradual restoration of shipping through the strait. The analysts also raised oil prices forecast for the second half of the year to $83 a barrel in the event of prolonged disruptions in the Strait of Hormuz, the report added. On February 28, the United States and Israel began striking targets in Iran, to which Iran responded with its own strikes. In mid-June, Tehran and Washington signed a memorandum to cease hostilities, but shortly thereafter exchanged strikes again. At present, the conflict remains unresolved.
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