Oil prices fell approximately 2% on Thursday as U.S. talks to resurrect a nuclear deal with Iran entered their final stages and could unlock more crude supplies. However, losses were limited due to the geopolitical tension concerning top energy exporters Russia and the West over Ukraine, and the benchmarks settled above the $90 mark. Brent futures fell 1.9% to $92.97 per barrel, while U.S. West Texas Intermediate (WTI) crude fell 2% to $91.76. “The price could already be in the triple-figure territory if not for the nuclear talks between the U.S. and Iran,” according to Craig Erlam, a market analyst at OANDA.
Brent surpassing $100 per barrel seems almost inevitable now, and analysts believe oil prices could soar as high as $150 per barrel as undersupply meets surging demand. Gasoline prices are also creeping up and are projected to hit $7 per gallon if Russia-Ukraine tensions escalate and demand ticks up even further.
