Oil Prices Unlikely to Climb to Extreme Levels Again: Expert

Muscat-based Standard Chartered's Chief Investment Officer, Manpreet Gill, believes oil prices will not climb to extreme levels again. He anticipates that crude oil will remain around $100 per barrel for some time.

Gill points out that even minor pieces of positive news can push prices down when they rise above $100. However, if less favorable developments occur, prices could briefly surge above this threshold.

The expert thinks the chances of oil reaching $150 per barrel remain low due to shared economic incentives to avoid high oil prices, which fuel inflation and stifle growth globally.

In terms of a return to pre-war price levels of $60 to $70 per barrel, Gill believes a resolution to the conflict is necessary. He also notes that while short-term prices may hover around $100, the 12-month outlook suggests a shift toward the $70 range.