A barrel of oil was predicted to cost $120
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The average cost of a barrel of oil in 2024 could be $120 if the supply of raw materials from the Middle East is disrupted due to the conflict between Israel and the Palestinian Gaza Strip. This is stated in the Fitch forecast published on November 10. In this scenario, in 2025 the average oil price will be $100/barrel.
Analysts explain that during the “shock of 1979–1980.” (Islamic revolution in Iran in 1979 and the beginning of the Iran-Iraq war in September 1980 – Vedomosti) oil quotes at today’s prices would exceed $120/barrel.
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