Iran's attack on Israel may lead to oil price spike
CNBC — April 15, 2024, 03:00 AM UTC
Summary: Oil prices could reach $100+ per barrel due to Iran's aerial attack on Israel, potentially disrupting global oil supply. Iran, OPEC's third-largest producer, faces risks of retaliation. Strait of Hormuz closure could spike prices to $120-$130. Recent underinvestment in oil industry exacerbates supply vulnerability. Brent crude at $90.17, WTI at $85.28. Analysts warn of a super spike in prices if supply is disrupted. Oil prices expected to hit all-time highs.
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