Oil expert Hamza Al-Jawahiri said on Thursday that crude oil prices are expected to remain strong in global markets and are unlikely to fall below $80 per barrel before the end of the year.
Al-Jawahiri stated that international oil contracts will likely continue trading at elevated levels, supported by forecasts and market indicators from major institutions, including the U.S. Energy Information Administration (EIA) and Goldman Sachs.
According to Al-Jawahiri, oil prices may gradually ease after reaching their spring highs, but the overall annual average is still expected to remain relatively high, ranging between $91 and $95 per barrel.
He attributed the continued strength in prices to ongoing geopolitical tensions in the region and disruptions affecting key global energy supply routes.
Al-Jawahiri also noted that some signs of a moderate decline could emerge during the final quarter of the year, with prices potentially stabilizing in the $80 to $85 per barrel range.
However, he emphasized that such a decline would depend on several factors, including the restoration of normal shipping activity through the Strait of Hormuz and an increase in global oil supplies.
Despite expectations for some easing later in the year, Al-Jawahiri believes market conditions will continue to support relatively high oil prices, keeping crude above the $80-per-barrel level through the remainder of 2026.
