Saudi Arabian oil experts have warned that crude oil prices could surge to $180 per barrel if the ongoing conflict with Iran continues through the end of April, according to a Wall Street Journal report. The prediction comes as Brent crude oil currently trades around $106 per barrel, with West Texas Intermediate at approximately $94 per barrel. 50 per barrel set on July 3, 2008.
The Saudi experts cautioned that such a dramatic price spike could potentially trigger a recession or force significant changes in consumer behavior that would reduce demand. The analysis highlights the economic risks associated with prolonged regional conflict in the Middle East, particularly affecting global energy markets.