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Oil prices to surge if conflict in Middle East lasts longer — Russian Foreign Ministry

"A further and higher spike is not ruled out if the contract lasts longer - $150; $200 per barrel were said," Maria Zakharova said

MOSCOW, March 18. /TASS/. Protraction of the conflict in the Middle East threatens with the oil price surge to more than $100 and even to $200 a barrel by the end of 2026, Official Spokeswoman of the Russian Foreign Ministry Maria Zakharova said at a briefing.

"Experts believe that the oil price may stabilize at the level of $76 upon the 30-day contraction of supplies. If the supplies are cut for two months - at $93 per barrel. A further and higher spike is not ruled out if the contract lasts longer - $150; $200 per barrel were said," Zakharova noted.

Brent oil futures surged today by 5.01% to as high as $108.6 per barrel on the London-based ICE earlier today.

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Maria Zakharova

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