Oil Surpasses US$110 After Attacks on Iran: How the Conflict Impacts Global and Colombian Prices
In March, Brent crude oil prices rose by 49.1%, driven by bombings by the United States and Israel. Natural gas prices also saw significant increases, with the European TTF benchmark rising 96%. These geopolitical tensions are affecting global energy forecasts and are anticipated to create fiscal and price pressures in Colombia.
TL;DR
- Oil prices, particularly Brent crude, saw increases of up to 49.1% in March due to bombings in Iran by the US and Israel.
- European natural gas prices (TTF) surged by 96% in less than two weeks.
- Analysts have revised their 2026 Brent oil price forecasts upwards, with current estimates averaging $78.5 per barrel.
- The US Energy Information Administration expects oil prices to remain above $95 per barrel until the Strait of Hormuz transit normalizes.
- Colombia's domestic oil production fell by 3.0% and natural gas production by 16.7% in January.
- The conflict's impact on global energy prices could force adjustments to Colombia's fuel price stabilization fund, potentially affecting public finances.