Commonwealth Bank of Australia: If the Iran crisis continues for several months, Brent oil prices may soar to $150.

The Commonwealth Bank of Australia stated that the Middle East crisis may last for several months, leading to a shortage in crude oil supply and causing global benchmark Brent oil prices to rise to $150 per barrel or even higher. Analyst Vivek Dhar said in a report that if the conflict is not resolved, oil and refined oil prices "could soar to record levels." He said that once physical crude oil shortages become a reality, Brent could soar to $120 to $150 per barrel, leading to so-called "demand destruction" in emerging economies. If developed economies need to "set prices for demand destruction," prices could further rise.