Eni CEO Warns Oil Could Top $100 by 2027 on Persistent Mideast Tensions

The head of Italian energy major Eni SpA has warned that global crude oil prices could surge past $100 per barrel by the first quarter of 2027 if ongoing conflicts in the Middle East persist. The forecast highlights growing risks of inflation and a potential slowdown in global energy demand.

The $100 Barrel Forecast

In an interview with Italy's *Il Sole 24 Ore* newspaper, CEO Claudio Descalzi stated that emergency releases from strategic oil stockpiles have so far prevented a sharper spike in prices. However, he cautioned that these measures are not a permanent solution because global reserves are finite.

Descalzi noted that global oil inventories have been declining as supply disruptions linked to the conflict have intensified. A sustained reduction in these stockpiles would leave the market increasingly vulnerable to further geopolitical shocks, he warned.

Market Context and Geopolitical Risk

The warning comes as oil markets ended a volatile week with solid gains, reflecting a geopolitical risk premium tied to renewed U.S.-Iran hostilities and attacks on shipping in the Strait of Hormuz.

Last week, key benchmarks posted significant gains despite easing on Friday:

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• Brent Oil Futures settled around $76 a barrel, up about 5.4% for the week.
• Crude Oil WTI Futures gained roughly 4% to finish near $71.40 a barrel.

Investors appear to be betting that the latest flare-ups will remain contained, but Descalzi's comments point to a more fragile long-term supply picture.

A Call for Energy Security

According to Descalzi, the long-term solution is to enhance energy security by diversifying both crude oil suppliers and transportation routes. He argued that governments should deepen energy relationships with producers in North Africa, sub-Saharan Africa, Latin America, and Southeast Asia to reduce dependence on politically sensitive maritime chokepoints.

Descalzi added that Eni has limited direct exposure to the Middle East, with most of its upstream production located in Africa and Latin America, making the company relatively insulated from direct regional disruptions. He also noted that the rapid expansion of artificial intelligence and data centers is sharply increasing electricity demand, adding urgency to the need for reliable energy supplies.