Eni CEO Warns Oil Could Top $100 by 2027 Amid Middle East Tensions

Global crude oil prices could break above $100 per barrel by the first quarter of 2027 if geopolitical conflict in the Middle East continues, according to Claudio Descalzi, the CEO of Italian energy major Eni SpA (BIT:ENI). In an interview with Italy's *Il Sole 24 Ore* published Saturday, Descalzi warned that such a price spike would fuel inflation risks and weigh on global energy demand.

Dwindling Stockpiles Raise Risks

Descalzi noted that emergency releases from strategic petroleum reserves have so far helped prevent a more dramatic surge in oil prices. However, he cautioned that this is not a sustainable solution, as global stockpiles are finite and have been declining amid supply disruptions linked to the conflict.

A sustained reduction in inventories leaves the market increasingly vulnerable to further geopolitical shocks, the Eni chief explained. He argued that the current trading range of $80-$100 per barrel could be breached if these fundamental pressures are not addressed.

Market Prices in Geopolitical Premium

Descalzi's comments come as oil markets ended the week with solid gains, driven by renewed U.S.-Iran hostilities and attacks on shipping in the Strait of Hormuz. While prices eased on Friday, a geopolitical risk premium remains embedded in the market.

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Key weekly figures include:

• Brent Oil Futures settled around $76 a barrel, a weekly gain of about 5.4%.
• Crude Oil WTI Futures gained roughly 4% for the week, settling near $71.40 a barrel.

A Call for Energy Diversification

According to Descalzi, the long-term solution to price volatility is improved energy security through diversification. He urged governments to reduce dependence on politically sensitive maritime chokepoints by deepening energy ties with producers in North Africa, sub-Saharan Africa, Latin America, and Southeast Asia.

Descalzi added that the rapid growth of artificial intelligence and data centers is creating a sharp increase in electricity consumption, adding urgency to the need for reliable and diversified energy supplies. He noted that Eni itself has limited direct exposure to the Middle East, with the majority of its production located in Africa and Latin America.