Oil prices could top $100 if U.S. strikes Iran, Rapidan Energy says

Oil prices could spike above $100 per barrel if the U.S. resumes military action against Iran in the coming days, according to Bob McNally, CEO of Rapidan Energy Group, who put the odds of renewed fighting at 80% following the U.S. midterm elections. McNally expects both Brent and West Texas Intermediate crude futures to exceed $100, with benchmarks currently trading near $100 and $91 respectively. He cited President Donald Trump's determination to prevent Iran from acquiring nuclear weapons, while Iran remains unwilling to concede, keeping escalation dynamics in place. Other analysts, including Lombard Odier's Samy Chaar and Luca Bindelli, noted the "lame duck" period could offer Trump a window for strikes, though munitions supply pressures may limit campaign duration. Iran reportedly sent the U.S. a nuclear proposal through Qatar, but only after Washington meets seven demands, including ending naval blockades and economic warfare, in exchange for free shipping through the Strait of Hormuz. Separately, Iran's parliament speaker criticized Vice President JD Vance for blaming the war for Republican midterm losses, while Vance has pushed for diplomacy. The conflict has contributed to higher global energy costs and inflation concerns.