UK Government Raises Crude Oil Price Forecast to ~$100/Barrel Through 2028

According to the UK Government, on June 5, crude oil prices are likely to remain around $100 per barrel through 2028, even if the U.S. and Iran reach a peace agreement. The government revised its forecast upward due to expectations that energy supply recovery in the Persian Gulf will take longer than previously anticipated. The UK Government now estimates that post-conflict supply restoration in the region could require up to 14 months, compared to its earlier projection of approximately six months.
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