Global Oil Price Trend Above 100 US Dollars Predicted to Last Until 2027
JAKARTA, KOMPAS.com - The price of global crude oil remains above 100 US dollars per barrel despite a temporary weakening on Friday (local time), amid disruptions to energy infrastructure in the Middle East and the failure to restore the vital Strait of Hormuz route.
Investment bank Goldman Sachs even predicts that this high oil price trend could last until 2027.
The price of Brent crude, the global benchmark, is currently at 112.25 US dollars per barrel in trading on Monday (23/3/2026) at 9.20 WIB. Meanwhile, the price of US crude oil stands at 98.79 US dollars per barrel.
Goldman Sachs analysts state that a series of supply shocks due to escalating conflicts in the Middle East indicate risks of oil prices remaining high in the long term.
“Oil prices may remain above 100 US dollars for a longer period, especially in scenarios of prolonged disruptions and significant supply losses,” wrote Goldman Sachs analysts in their note.
The US itself is the world’s largest oil producer, making it relatively more resilient to global supply disruptions, though not entirely immune, according to notes from Deutsche Bank analysts.
Geopolitical conflicts are certainly the main trigger for price volatility. Israeli Prime Minister Benjamin Netanyahu’s statement that there would be no return to attacking Iran’s major energy facilities temporarily held back price increases on Friday, at the end of last week’s trading.
Entering the fourth week since the conflict began on 28 February 2026, the situation shows no signs of abating. Countries in the Middle East are reported to continue intercepting drone and missile attacks.
The Strait of Hormuz, the narrow route between Iran and Oman through which around 20 per cent of the world’s oil supply passes, has effectively been closed for at least the last 19 days.
An Iranian security source asserts that the route will not return to normal in the near future.
“This strait will not return to pre-war conditions,” said the source to CNN.