Eni CEO Says Prolonged Middle East Conflict Could Push Oil Beyond $80–$100 Range by Early 2027

Eni CEO Claudio Descalzi said that if the Middle East conflict continues, the global oil market could break out of its current range by the first quarter of 2027 at the latest, lifting inflation and reducing energy demand. According to Jin10, Descalzi said in an interview published on Saturday by Il Sole 24 Ore that releases from strategic reserves have so far helped keep crude prices broadly within a range of about $80 to $100 a barrel, but that approach is facing rising risks because global reserves are limited. He said a long-term solution would be to strengthen energy security by diversifying supply sources and routes. Descalzi added that disruptions linked to the Iran war that broke out in late February had driven global oil inventories down by an average of 3.8 million barrels per day, accelerating in May to an average decline of 4.6 million barrels per day. He said countries should focus on producers in North Africa and sub-Saharan Africa, Latin America, and Southeast Asia, while reducing reliance on controlled maritime chokepoints.