Norway-based energy research firm Rystad Energy has warned that oil prices could approach $150 per barrel if hostilities between the United States and Iran intensify.

The company said a disruption affecting six Gulf producers and removing 11.8 million barrels per day from the market would constitute one of the most severe supply shocks in the history of the modern oil market.

Jorge Leon, Rystad Energy's Head of Geopolitical Analysis, said it remains unclear whether the current tensions will escalate into a full-scale war or remain contained at a dangerous but manageable level.

The firm also warned that prospects for a near-term agreement have weakened and that oil market volatility is likely to remain elevated until there are clear signs of a durable ceasefire or renewed diplomatic progress.

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