The collaborative strike on Iran by the US and Israel in late February set off a cascade of attacks and counterattacks around the Middle East, leading to severe transport disruptions through the Strait of Hormuz.
The disruption raised concerns about oil flow and heightened market volatility. Oil & Gas Journal polled readers on resulting oil prices.
The poll was posted to OGJ.com, Oil & Gas Journal's social media channels, and the OGJ Daily e-newsletter Mar. 2-Mar. 13 to gather responses about where Brent crude prices might stablize if disruptions through the Strait of Hormuz were to persist for more than 2 weeks.
Here are a few highlights.
Oil price outlook
Close to 34% of respondents said the price of Brent oil would stabilize over $100/bbl if the strait remained essentially closed longer than 2 weeks. Just over 29% the price would stabilize at $90-100/bbl. Over 26% placed the price at $80-90/bbl, while just under 11% of respondents said the price would sit under $80/bbl.
Who responded
Over half (52%) of the respondents indicated a primary job function in the Corporate Management category. Engineering/Technical Geoscience accounted for 22% of respondents, while another 13% identified as Other.
The majority of participants noted their involvement with an oil and gas company (30%) or a financial services or capital provider (17%). Another 13% reported their involvement in a consulting firm for oil and gas companies. That same percentage reported their company’s primary business activity as “other.”
Where respondents work
Most participants were based in the United States (65%). Among US respondents, 35% were located in Texas and 12% in California. International participation included Spain (9%) and Canada (9%), among others.
Iran war coverage hub
This Iran war compilation hub highlights news, insights, and updates from Oil & Gas Journal and Offshore, both EndeavorB2B brands, concerning the war in Iran.
About the Author
Mikaila Adams
Managing Editor, Content Strategist
Mikaila Adams has 20 years of experience as an editor, most of which has been centered on the oil and gas industry. She enjoyed 12 years focused on the business/finance side of the industry as an editor for Oil & Gas Journal's sister publication, Oil & Gas Financial Journal (OGFJ). After OGFJ ceased publication in 2017, she joined Oil & Gas Journal and was later named Managing Editor - News. Her role has expanded into content strategy. She holds a degree from Texas Tech University.