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Crude Oil prices could hit above $100 if war escalates

Crude Oil prices could soar to $100 per barrel and beyond, said market watchers, after Iran mounted an aerial attack against Israel reigniting fears of a regional war.

Iran is home to vast oil resources and is the third-largest producer in oil cartel OPEC. Any disruption in its capacity to supply global markets could send oil prices higher.

Any attack on oil production or export facilities in Iran would drive the price of Brent crude oil to $100, and the closure of the Strait of Hormuz would lead to prices in the $120 to $130 range,” said Andy Lipow, president of Lipow Oil Associates.

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