Geopolitical Tensions Propel Oil Prices to 6-Month High
TL;DR Summary
Oil prices surged to their highest levels since October amid reports of escalating tensions between Israel and Iran, with West Texas Intermediate futures reaching $87.30 per barrel and Brent touching $92.11 per barrel. The potential for an imminent attack on government targets from Iran has led to increased buying of call options, tightening the supply/demand picture. Analysts predict oil prices may top out around $95+ a barrel in the summer months, with higher energy costs contributing to recent inflation in the US.
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