Greg Newman, Co-CEO of Onyx Commodities
Expects Brent futures to open $2 per barrel up and close $7 to $10 per barrel higher on Monday.
The market could see a return to $100 per barrel if the issue cannot be resolved in the short term.
In the swaps market, Dubai timespreads could see a $1.50-$2 barrel backwardation as end-users scramble to cover shorts for short-term loading.
Refined product prices will be strong, with particular emphasis on high-sulphur fuel oil given current tightness and that it is the refinery product most closely linked to Saudi heavy crude.