New Delhi, March 17 -- Amid ongoing volatility in crude oil prices due to the West Asia war, oil prices are expected to settle at around USD 80 per barrel in the current financial year 2027, according to a report by ICICI Bank.

The report highlighted that the recent escalation in the Middle East conflict, along with the blockage of key trade routes, has led to a sharp increase in global oil prices, which have risen above USD 100 per barrel compared to an average of USD 66 per barrel during April 2025 -February 2026.

It noted that the disruption of the Strait of Hormuz, which contributes to about 20 per cent of global energy trade, has significantly impacted global oil supply.

It stated, "we believe that the oil prices could settle at ~...