Brent Crude Prices May Hit $120 Amid Ongoing Tensions

New Delhi: A report by Brickwork Ratings warns that Brent crude prices may surge to $120 per barrel if tensions in West Asia intensify, disrupting global energy markets. In its base-case scenario, the report predicts Brent crude will average between $95 and $110 a barrel in the second half of FY27.

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.

Sharan expects Brent to trade in a broad $100-110 per barrel range over the next one to two months, but notes that risks remain skewed to the upside. If supply disruptions intensify, prices could climb towards $120 a barrel, while a reopening of the Strait of Hormuz could ease prices towards $90 a barrel.