Eni CEO Claudio Descalzi warned on July 12, 2026, that oil prices could exceed the current $80-$100 range by early 2027. He told Il Sole 24 Ore that this risk depends on the persistence of the Middle East conflict.
Descalzi stated that strategic petroleum reserve releases provide only temporary relief as global inventories decline. Shipping disruptions in the Strait of Hormuz are currently forcing tankers into longer, more expensive routes.
The CEO called for increased energy security through the diversification of supply sources. This warning follows a week of direct military strikes between the U.S. and Iran.
While prices dipped Friday due to diplomatic talks, Descalzi maintains that significant upside risks remain if regional tensions escalate. Reuters reported the original interview.