‘Next stop $140 a barrel’ — Iran Parliament Speaker predicts where oil prices could head

Iran’s Parliament Speaker Mohammad Bagher Ghalibaf in a post on social media platform “X” said that oil prices will next rise to $140 a barrel.His post came in light of oil prices extending their rally, as the Iran war was not yet near a resolution, prolonging the near-closure of the key Strait of Hormuz waterway, which has led to global market volatility and an energy crisis.

Brent crude prices surged over 7% to cross the $126 a barrel mark on Thursday and later gave up all of those gains and even turning negative towards the $116 a barrel mark.
Ghalibaf, in his post on X, said “3 days in, no well exploded. We could extend to 30 and livestream the well here. That was the kind of junk advice the US admin gets from people like Bessent who also push the blockade theory and cranked oil up to $120+. Next stop:140. The issue isn’t the theory, it’s the mindset.”US President Donald Trump has claimed the US blockade of Iranian ports has been yielding results as he urged Tehran to “just give up”. While Ghalibaf has dismissed the US pressure campaign, Iranian military oficials have indicated their restraint was “intended to give diplomacy a chance”.

Earlier, Trump told Axios the US will not lift the naval blockade of Iran’s ports till he sees a nuclear deal with the country. Meanwhile, Iranian officials are not showing any sign of backing down.

The Strait of Hormuz has effectively been closed since the Iran war started on February 28, choking flows of crude, oil products and natural gas, driving energy prices higher.