Brent Crude Prices May Hit $120 Amid Ongoing Middle East Tensions

New Delhi-based Brickwork Ratings has released a report warning of potential spikes in Brent crude prices due to ongoing geopolitical tensions in West Asia. According to the report, Brent crude may rise to $120 per barrel if disruptions in the region deepen.

The base-case scenario outlined by Brickwork Ratings predicts Brent crude averaging between $95 and $110 a barrel for the second half of FY27. However, the report notes that supply disruptions could push prices higher, with risks skewed to the upside.

Rajeev Sharan, Head of Research at Brickwork Ratings, said 'Brent futures rose about 20 per cent in a month to around $109 on September 15, while physical Brent reached $130.80, indicating tight supply.'