Saudi oil officials warn Brent could exceed $180/bbl if Iran war disruptions continue to late April — WSJ

Oil officials in Saudi Arabia have warned that Brent crude prices could exceed $180 per barrel if disruptions stemming from the Iran war continue until late April 2026, the Wall Street Journal reported on Day 21. Reuters could not immediately verify the report. The projection represents a significant escalation from current levels: Brent briefly topped $119/bbl on Day 20 (+50% vs pre-war), as the cumulative damage from Iranian strikes on Gulf energy infrastructure compounds. Qatar's Ras Laffan has lost approximately 20% of LNG capacity (3-5 year repair timeline), SAMREF Yanbu was struck twice, Kuwait's Mina Al-Ahmadi and Mina Abdullah refineries were hit, and UAE Habshan remains suspended. Haifa's oil refinery was struck on Day 20 — the first Iranian hit on Israeli energy infrastructure. The $180/bbl threshold would represent a 126% increase from pre-war levels and would trigger severe global macroeconomic consequences. The Fed has already signalled rate cuts are on hold while oil prices remain elevated. Trump's $200B Pentagon war budget supplemental request is under Congressional review, and Treasury Secretary Bessent has floated unsanctioning 140M barrels of Iranian oil as a price-relief mechanism.