Oil prices surge amid Iran tensions and supply disruptions. U.S. Treasury Secretary Scott Bessent announced the potential unsanctioning of approximately 140 million barrels of Iranian crude stored on tankers, aiming to moderate price pressures following Iran's closure of the Strait of Hormuz. Brent crude rose 1.3% to $110.28 per barrel, while WTI gained 0.1% to $96.20. Citi elevated its near-term oil forecast, projecting Brent and WTI could reach $120 per barrel within one to three months, with a bullish scenario targeting $150 if disruptions intensify. Saudi officials warn crude could exceed $180 if conflict continues through late April. The geopolitical crisis has widened key crude spreads, reflecting elevated freight costs and strong U.S. Gulf Coast demand. Markets remain volatile as Israel assists efforts to reopen the critical Strait of Hormuz.
