New Delhi, May 12 (IANS) Global crude oil prices are likely to remain in the low $100s per barrel mark for an extended period due to persistent supply disruptions and logistical bottlenecks linked to tensions in West Asia, according to a report by JPMorgan Chase & Co.

According to the investment bank’s revised assessment, oil prices are expected to remain in the low-$100s range for most of the year, even if the Strait of Hormuz resumes normal operations in the coming weeks.

According to the report, disruptions in shipping, refinery operations and tanker availability are expected to continue weighing on global energy supply chains, preventing a quick correction in prices.

The global brokerage has projected that Brent crude could average around $97 per barrel in 2026, suggesting that energy markets may continue to face tight supply conditions over the medium term.

The report further noted that reopening of the Strait alone would not immediately stabilise the market, as logistical challenges across the broader oil transport network are likely to persist for months.

Meanwhile, oil prices surged again on Tuesday, with international benchmark Brent crude trading above $105 per barrel, up about 1 per cent, after US President Donald Trump criticised Iran’s response to Washington’s peace proposal, raising fresh concerns over regional stability and its impact on global oil flows.

Similarly, West Texas Intermediate (WTI) crude climbed close to the $100-per-barrel mark, registering a gain of nearly 1 per cent.

Moreover, reports showed that crude output by OPEC declined by 830,000 barrels per day in April to 20.04 million barrels per day.

In addition, domestic equity benchmarks Sensex and Nifty came under sharp pressure, declining by around 1 per cent.

–IANS

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