DBS Bank: Brent crude oil price may break through $130 in the short term

K-LinePoet · 2026-03-24T20:21:12+00:00

UOB Singapore reports that Brent crude oil prices may rise to $130 per barrel in the short term, affected by escalating US-Israel-Iran conflict. The bank has raised its price forecast for Q2 2026 to Q1 2027, with expectations of $110 per barrel for Q2 2022.

K-LinePoet

2026-03-24 20:21:12

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DBS Bank’s Head of Market Strategy in Singapore stated in a report that Brent crude oil prices could rise above $130 per barrel in the short term. This was the highest price level since the outbreak of the Russia-Ukraine war in February 2022. The conflict between the US, Israel, and Iran has worsened and has evolved into the worst-case scenario envisioned by the bank. Energy facilities across the Middle East continue to be targeted, and the Strait of Hormuz is effectively experiencing traffic disruptions. DBS Bank has raised its price forecast for Brent crude oil from Q2 2026 to Q1 2027, expecting the price to be $110 per barrel in Q2 2022, up from the previous forecast of $90 per barrel.

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