Archive · 8 Sep 2026
Brent Crude Could Reach $120 Amid Middle East Truce Uncertainty
Brent crude is a type of oil whose price affects many countries.
An economist said its price could rise to $120 for one barrel.
She said this may happen because a truce involving the United States, Israel, and Iran is ending.
When countries have more conflict, people worry that less oil may be available.
There is also some hope that talks in Russia could help the Russia-Ukraine crisis.
If restrictions on Russian oil improve, more oil might reach the world market.
That extra supply could make the price increase less severe.
Higher oil prices could make things more expensive in India.
The economist said central banks may need to work together if the price reaches $120.
Mitali Nikore said Brent crude reaching $120 per barrel is becoming more likely.
She linked the risk to the US-Israel-Iran truce nearing its end.
A US delegation’s arrival in Russia could help the Russia-Ukraine crisis, she said.
Improved restrictions on Russian oil could increase global supply and ease prices.
India could face higher inflation, potentially requiring coordinated central-bank action if prices reach $120.
- Who
- Mitali Nikore, senior economist and founder of Nikore Associates, discussed the outlook; Goldman Sachs is identified in the headline as warning of the potential price.
- What
- Brent crude could reach $120 per barrel, with possible effects on global oil supply and inflation.
- When
- The article does not specify a date; it describes the truce as nearing its end and a US delegation as having arrived in Russia.
- Where
- The potential effects are discussed in global oil markets, with particular concern for India; the delegation is in Russia.
- Why
- The risk is linked to the US-Israel-Iran truce nearing its end, while possible diplomatic progress involving Russia and Ukraine could ease restrictions on Russian oil and increase supply.
Price-Rise Risks
Potential Supply Relief
Brent crude outlook
Price-Rise Risks
Mitali Nikore said the possibility of Brent crude reaching $120 per barrel is becoming increasingly imminent as the US-Israel-Iran truce nears its end.
Potential Supply Relief
Nikore said it remains uncertain whether Brent crude will actually reach the $120 mark.
Global oil supply
Price-Rise Risks
The end of the truce could contribute to continued uncertainty and pressure in global oil markets.
Potential Supply Relief
A US delegation’s arrival in Russia could positively affect the Russia-Ukraine crisis and may lead to eased restrictions on Russian oil, increasing global supply.
Impact on India
Price-Rise Risks
A $120 global oil price would affect India, particularly by adding to inflationary pressure when inflation is already cited at 5%.
Potential Supply Relief
If Russian oil restrictions ease and supply increases, some global oil-market pressure could lessen, potentially reducing the severity of the impact.
- Potential Brent price
- $120 per barrel
- Analyst quoted
- Mitali Nikore, senior economist and founder of Nikore Associates
- Current inflation cited for India
- 5%
- Main geopolitical risk
- The truce between the United States, Israel, and Iran nearing its end
- Possible supply relief
- Improved restrictions on Russian oil could ease global supply pressures
- Potential policy response
- Coordinated monetary policy action across central banks