OPEC Decisions and Middle East Tensions May Send Oil Prices Back to $60

Oil prices may face downward pressure if tensions in the Middle East ease and global supply increases. Vaibhav Sanghavi, CEO of ASK Hedge Solutions, suggests that a stabilisation of regional conflict could lead to crude oil moving back to the $60-$65 per barrel range.

OPEC's production decisions may also influence the future direction of oil prices. Differences within the organisation over production levels could result in higher supply, putting further pressure on prices.

If geopolitical tensions continue, however, oil prices may remain elevated for a shorter period, according to Sanghavi.