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Oil Prices to Swing Wildly In $95-$120 Loop Amid US-Iran Standoff - Investor

10:22 GMT, 17 April 2026
© AP Photo / Tony Gutierrez
WASHINGTON (Sputnik) - Global oil prices will fluctuate between $95 and $120 per barrel in the near future due to the Middle East conflict, Kyle Shostak, director of Navigator Principal Investors, told RIA Novosti.
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"My reading of the situation is that the Trump administration is hopeful that the blockade of the Iranian oil supplies, a big amount of which is going to China, will incentivize Beijing to convince its counterparts in Tehran to agree to a new round of meaningful negotiations. Before then, the oil will continue to behave chaotically in the range of $95 to $120 per barrel," Shostak predicted.
He believes Brent crude will max out between $115 and $120, with little room to run beyond that.
The expert was not optimistic about a quick end to the Middle East conflict and cautioned that further escalation could roil global oil markets.

"Despite the market at the moment seems to be somewhat prematurely seduced by the de-escalation scenario, betting on the resumption of the US-Iran negotiations, and even more naive hopes to resume the traffic through the Hormuz Strait, I am at the opinion that a more realistic expectation will involve a repetition of the military actions, one way or another, albeit on a more reduced scale," Shostak forecasted.

Gas prices may jump to more than $6 per gallon in some US states as a consequence of the Middle East conflict, the expert also said.

"An average gas price at the pump will be balancing at some already familiar peak levels between $4.15 - $6.50 per gallon, depending on the state. I doubt that it will go up substantially, even if the military actions will resume, because it already had been bouncing at the same levels during the hottest days of the war," Shostak noted.

On February 28, the US and Israel launched coordinated strikes against numerous targets in Iran, including in Tehran, causing damage and civilian casualties and leading to the deaths of key leadership figures. Iran responded by striking Israeli soil and US military facilities in the Middle East. Many countries in the region have fully or partially shuttered their airspace amid risks from missile and drone strikes.
The escalation has nearly halted traffic in the Strait of Hormuz, a key route for the delivery of oil and liquefied natural gas from Persian Gulf countries to global markets, driving up fuel prices.
On April 7, Washington and Tehran announced a two-week ceasefire. Subsequent talks in Islamabad ended without results. Although no resumption of hostilities was officially declared, the United States nonetheless began a blockade of Iranian ports
On April 11, Iran and the US began talks in Islamabad after Trump announced an agreement with Tehran on a two-week ceasefire. On April 12, Vice President JD Vance said that the two countries failed to reach an agreement during the negotiations and that the American delegation would return home without a deal.
On April 13, the US Navy began blockading all maritime traffic entering and exiting Iranian ports on both sides of the Strait of Hormuz, which accounts for approximately 20% of the world's oil, petroleum products, and LNG supplies. Washington maintains that non-Iranian vessels are free to transit the Strait of Hormuz as long as they do not pay Tehran a toll. Iranian authorities have not announced the imposition of a toll, but have discussed such plans.
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