Key takeaways
- 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.
- Oil prices had spiked above the $100 mark ahead of the midterm elections as investors weighed uncertainty surrounding the Iran conflict and the risk of further U.S. military actions.
Bob McNally, CEO of geopolitical and energy analysis firm Rapidan Energy Group said he foresees a 80% chance that the world will see "a resumption of military fighting." He predicts that both Brent and West Texas Intermediate futures will jump above $100.
