West Texas Intermediate gained 1.2%, to $63.79 per barrel, with some experts saying Brent crude could more than double to $150 if the tension in the Middle east escalates to full blown conflict.
With an additional 1% climb Monday, both Brent Crude & WTI continue to rise this week after Friday's gains.
Chief marketing strategist at FXTM Hussein Sayed wrote in a note early Monday that Brent crude has gained a total of more that $4.00.
He went on to say that "At $70-80 a barrel, the global economy is not likely to feel much impact from this raise in prices, but as we get closer to $100 there will be severe consequences," Sayed wrote, adding that it could trigger "steep selloffs" in equity markets.
However, we have seen these spikes in the not too distant past.
In September of 2019, Drone strikes targeting Saudi oil reserves were anticipated to make an Oil Spike to Triple Digits possible as 5% of Global Production was taken offline. However, these prices corrected rather rapidly when Saudi Aramco quickly restored production.
Alternatively, some have a much more dramatic view of how the conflict may influence pricing.
An article in the Independent claimed that some experts say the price could more than double to $150 if the tense situation in the Middle East escalates to a full-blown conflict.
“Our analysis shows that while the price of Brent could soar to as much as $150 per barrel, the rally may prove short-lived as supply networks adjust and demand falters in the wake of higher prices,” the article said.