Brent Crude Oil Prices May Surge to $130 Amid Middle East Tensions, UOB Reports

Brent crude oil prices could rise above $130 per barrel in the short term, according to a report by the head of market strategy at Singapore's United Overseas Bank (UOB). This price level was last seen in February 2022 during the onset of the Russia-Ukraine conflict. According to Jin10, the worsening conflict involving the United States, Israel, and Iran has escalated to what UOB considers the worst-case scenario. Energy facilities across the Middle East are under frequent attack, and the Strait of Hormuz is effectively experiencing traffic disruptions. UOB has revised its Brent crude oil price forecast for the period from the second quarter of 2026 to the first quarter of 2027. The bank now expects Brent crude to reach $110 per barrel in the second quarter of 2022, up from its previous forecast of $90 per barrel.