Crude Oil prices have surged sharply in 2026, with Brent crossing $120 per barrel after rising more than 50% within a month. The escalation of tensions between the United States and Iran and risks around the Strait of Hormuz, a key route for nearly 20% of global oil supply, have fueled the rally. Ajay Kedia warns prices could remain volatile, potentially moving toward $130–$140 if the conflict continues and supply disruptions persist.