U.K. Raises Domestic Oil Price Outlook, Sees $100 a Barrel Until Before 2028

The U.K. government raised its domestic crude oil price outlook, saying prices could remain around $100 per barrel until before 2028 even if the United States and Iran reach a peace agreement. According to Jin10, the government said it now expects energy supply in the Gulf region to take longer to recover. The new analysis warned that pressure on energy prices was higher than previously expected and that the global economic outlook was increasingly deteriorating. The U.K. government had previously expected supply in the Persian Gulf region to recover about six months after the end of the war, but it now said the recovery could take as long as 14 months.