Oil prices (BZ=F, CL=F) fell about 3% this week as some of the tensions in the Middle East eased after escalation when Iran targeted military bases Israelis. Oil production appears to remain continuous as none of the recent attacks have affected production facilities. Will this decline last or could prices rise to historic highs?
Path Trading Partners co-founder Bob Iaccino joins Yahoo Finance to discuss the potential for higher oil prices and what would drive these price increases, including recent geopolitical tensions.
Iaccino says: “You are talking about geopolitics to get $200 a barrel. This is what causes these surprise shocks and these lasting shocks, depending on the damage assessed… We are talking about a military strike that disrupts supplies. us somewhere around that hundred dollars and maybe beyond, depending on the nature of this disruption…”
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This message was written by Nicolas Jacobino