Background

Vanda Insights is a Singapore-based energy market intelligence firm founded by Vandana Hari in 2016. It specialises in Asian and global crude oil markets, publishing research and commentary used by traders, refiners, and media seeking independent price analysis outside the major investment banks.

Vanda Insights gained international attention during the Iran-Israel-US Conflict when Vandana Hari stated that $200 oil was "already within sight" and confirmed Middle Eastern benchmarks such as Oman and Dubai crude had crossed $150 per barrel, as Brent touched $119 intraday on 19 March. That call placed Vanda Insights alongside forecasts from Wood Mackenzie and Oxford analysts as the most aggressive bullish voices in the market.

The firm's $200 projection encapsulates the central tension in oil markets: independent boutique analysts have repeatedly led headline forecasts that larger institutions follow only after political risk materialises. Whether Vanda Insights is reading fundamentals ahead of the curve or amplifying market sentiment remains the open question as the Strait of Hormuz closure enters its second month.

Common Questions

What is Vanda Insights?

Vanda Insights is a Singapore-based independent energy market intelligence firm founded by Vandana Hari in 2016. It specialises in Asian and global crude oil market analysis, providing research to traders, refiners, and media.

What did Vanda Insights predict about oil prices during the Iran war?

Vandana Hari of Vanda Insights said $200 per barrel was "already within sight" when Brent Crude touched $119 intraday on 19 March 2026, noting that Middle Eastern benchmarks Oman and Dubai had already crossed $150.Source: Vanda Insights / Vandana Hari

Who founded Vanda Insights?

Vanda Insights was founded by Vandana Hari, a Singapore-based energy market analyst and commentator who previously worked at Platts. She is widely cited by Reuters, Bloomberg, and other financial media outlets.

How does Vanda Insights compare to Wood Mackenzie on oil price forecasts?

Both issued aggressive bullish calls during the 2026 Iran conflict. Wood Mackenzie forecast $150 soon with $200 possible; Vanda Insights said $200 was already within sight. Vanda is a small independent boutique; Wood Mackenzie is a large Edinburgh-based research group.Source: Lowdown event data

Is $200 oil still forecast in 2026?

As of late March 2026, Vanda Insights, Wood Mackenzie, and Oxford analysts all cited $200 as possible if the Strait of Hormuz remained closed. Goldman Sachs warned Brent could exceed its 2008 record of $147.50 if Hormuz flows stayed depressed for 60 days.Source: Multiple analysts via Lowdown

How the World Sees Them

Iran

Iranian officials noted that independent analysts projecting $200 oil were framing the conflict as economically intolerable for consuming nations, providing diplomatic pressure the regime could reference in ceasefire negotiations.

OPEC+ Members

Gulf producers watched boutique analyst forecasts like Vanda's amplify political risk premiums they could not fully control. Higher headline prices lifted revenues but also accelerated demand destruction warnings from the IMF and Oxford Economics.

Asian Refiners

Asian buyers rely on Oman and Dubai benchmarks that Vanda Insights tracks most closely. The firm's confirmation that both crossed $150 reinforced fears of sustained margin compression across regional refineries dependent on Gulf crude.

Western Traders

London and New York trading desks treated the Vanda Insights $200 call as a credible tail-risk scenario, given the firm's prior accuracy on Asian demand signals. It featured alongside Goldman Sachs and Wood Mackenzie forecasts in syndicated market coverage.