Oil prices see sustained surge
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Global Energy Show Canada attendees enthusiastically repeated positive oil forecast despite reports showing steep drop over next five years.
JP Morgan downplayed geopolitical concerns on Thursday and maintained its base case forecast for oil prices to stay in the low-to-mid $60s through 2025 and $60 in 2026, but said certain worst-case scenarios could send prices surging to double those levels.
International oil futures markets use Brent Blend ... That’s $10 per barrel less than its projection in November. The oil price prediction for the remainder of 2025 and 2026 is for costs ...
Rather, it is geopolitical factors—specifically, escalating tensions in the Middle East—that are unsettling markets and pushing prices higher.
Banks are cutting estimates for the average oil price this year to below $60 a barrel amid production hikes from OPEC+ and flat crude demand growth, according to a survey from the law firm Haynes Boone LLP.
Crude oil extended its rally Thursday, reaching $69.16 before resistance set in. Technical targets suggest potential continuation toward $72 to $75 if momentum holds or following a pullback.
Crude futures posted their sharpest single-day gains in more than three years after Israel launched air strikes against Iran’s nuclear sites and other military targets.
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