Renewed U.S.-Iran tension could push oil past $100: Rapidan Energy
CNBC · Lim Hui Jie ·
Bob McNally predicts that both Brent and West Texas Intermediate futures will jump above $100.
The U.S. is likely to resume military action against Iran in the coming days, a move that could send oil prices sharply higher, according to Bob McNally, CEO of geopolitical and energy analysis firm Rapidan Energy Group.
Speaking to CNBC's "Squawk Box Asia," McNally put the odds of "a resumption of military fighting" at 80% as the U.S. midterm elections recede.
McNally said he expects both Brent and West Texas Intermediate crude futures to rise above $100 a barrel. The benchmarks are currently trading at about $100 and $91, respectively.