Oil Prices Could See a "Super Spike," Analyst Warns

Oil prices could climb significantly higher in the coming months, with William Blair energy research analyst Neal Dingmann warning of a potential “super spike” as geopolitical tensions and rising shipping costs tighten the physical market.

Oil prices rise amid geopolitical tensions and growing concerns over global supply.

US crude was trading near $100 a barrel, while Brent, the global benchmark, was around $110, when Michael B. Kelley reported Dingmann’s outlook for Yahoo Finance.

“We could see a super spike like a lot of the CEOs of the majors have suggested,” Dingmann told Yahoo Finance Senior Reporter Brooke DiPalma.

“Do I think that’s possible? Absolutely.”

Dingmann said oil executives had told him they expected prices to maintain a higher floor for at least the next several quarters.

He agreed, estimating that the midcycle price level—previously projected by many analysts at $70 to $80 a barrel—could now be closer to $80 to $90, with prices potentially exceeding $100 at times.

“You’ve had Iranian tanker attacks, you’ve had record freight cost,” Dingmann said.

“It’s really the underlying physical market that continues to get tighter and tighter.”

The energy sector has gained more than 50% this year, making it the strongest-performing of the S&P 500’s 11 sectors and putting it well ahead of the broader index’s roughly 12% advance, according to the report.

US crude prices have climbed more than 70% since Dec. 31, 2025, while Brent has risen approximately 80%.

Dingmann’s outlook points to the possibility of further price increases if supply disruptions and shipping constraints persist.

However, a “super spike” remains a forecast, not a certainty. Oil prices will also depend on geopolitical developments, global production, demand and the extent to which disrupted supplies can be replaced.