Iran War: Oil Prices to Stay Above $95 for 2 Months, Says US Forecast

• US EIA forecasts Brent crude above $95 for two months due to Iran War, then falling below $80 in Q3 and $70 by year-end.
• Iran's strikes on West Asian oil/gas sites and production cuts by regional producers (Saudi Arabia, Iraq, Kuwait, Qatar, UAE) fuel price surge.
• Closure of Strait of Hormuz, vital for 20-25% of global seaborne oil/gas, intensifies energy insecurity fears.
• Oil prices surged past $100 for the first time since 2022, reaching $119.50 before settling.
• US expected to be unaffected; higher prices may boost domestic production, and gas prices are forecast to be stable.