Oil prices have rocketed by almost 5 percent in the wake of the Hamas attack, with some analysts now predicting it could hit $150 per barrel and warning that Americans already facing inflated gas prices will again have to deal with a price surge.
Reuters reports that Oil prices jumped more than $3 a barrel in early Asian trade on Monday:
Commentator Nick Sortor notes that “Joe Biden has drained the strategic petroleum reserves, which will give even more leverage to OPEC+ countries to take advantage of the Israel/Palestine conflict.”
Zero Hedge notes that “Oil prices have been a veritable rollercoaster in just the past 10 days,” but that “In retrospect, last week’s oil tumble now seems like ancient history, and after Saturday’s unprecedented events in Israel, oil has moved sharply higher after the weekend attack by Hamas against Israel, with Brent topping $88 a barrel to repair some of last week’s heavy losses, and according to some, set to continue rising until it tops $150.”
Goldman analysts had predicted oil to get to $100 by mid 2024, but that is now expected to climb higher and faster, particularly if Iran is dragged further into the situation.
Related:
Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews
