The Wall Street side of the bank laid out a few scenarios where oil could hit $150 per barrel or even $250, depending on how the war shakes out.
A shock attack on Israel by Hamas has caused a spike in oil prices and stoked volatility in the energy market, and Bank of America said things can get much worse from here. The Wall Street side of the Charlotte-based bank laid out scenarios where oil could hit $150 per barrel — or even $250 — depending on how the war shakes out. The international oil benchmark Brent crude held around $88 Wednesday, after trading closer to $94 late last week. U.S.
If a physical supply disruption occurs because of attacks on energy infrastructure, oil could surge above $130 a barrel, Bank of America said. If an escalation reduced global supplies by two million barrels per days, for example, oil might even rise above $150 per barrel, it said. "Past energy supply shocks such as the Arab oil embargo in 1973 or the 1979 Iran revolution led to triple-digit percentage increases in oil prices," BofA said in a note.
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