Oil (CL=F, BZ=F) prices are rising amid escalating tensions in the Middle East. Ines Ferré joins Market Domination to explain the spike in prices, noting a report that Israel is preparing for an Iranian attack. In February, Iran produced roughly 3.2 million barrels of oil per day, according to the US Energy Information Administration; any interruption to that output would cause a temporary spike in the cost of oil.
Ferré adds that analysts foresee a path in which oil hits the $100 benchmark, but anticipate that OPEC would step in with temporary capacity to avoid losing market share to the US.
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