businessLIVE
Renewed U.S.-Iran tension could push oil past $100: Rapidan Energy
Rapidan Energy says renewed U.S.-Iran tension could push oil past $100 a barrel.
Key points
- McNally puts the odds of a resumption of military fighting at 80% as the U.S. midterm elections recede.
- Brent and West Texas Intermediate crude futures are trading at about $100 and $91, respectively.
- Iran reportedly sent the U.S. a nuclear proposal through Qatar, but says Washington must first meet seven demands.
Why it matters. Analysts say the lame duck period before the new Congress could give Trump a window to resume strikes against Iran, which could send oil prices sharply higher.
Bob McNally, CEO of Rapidan Energy Group, told CNBC the U.S. is likely to resume military action against Iran in coming days. He put the odds of renewed fighting at 80% and expects Brent and West Texas Intermediate crude futures to rise above $100 a barrel. The benchmarks are currently trading at about $100 and $91, respectively. Oil spiked above $100 before the midterms, when U.S. officials told The Wall Street Journal Washington had carried out limited strikes.
Latest updates
Renewed U.S.-Iran tension could push oil past $100: Rapidan Energy
Bob McNally predicts that both Brent and West Texas Intermediate futures will jump above $100. A flight deck director signals an F-35C Lightning II on the flight deck aboard the USS Theodore Roosevelt (CVN 71) during Exercise RIMPAC (Rim of the Pacific) 2026 while underway in the Pacific Ocean near Hawaii on July 17, 2026. Michelle Bir | Afp | Getty Images The U.S. is likely to resume military action against Iran in the coming days, a move that could send oil prices sharply higher, according to Bob McNally, CEO of geopolitical and energy analysis firm Rapidan Energy Group. Speaking to CNBC's " Squawk Box Asia ," McNally put the odds of "a resumption of military fighting" at 80% as the U.S. midterm elections recede. McNally said he expects both Brent and West Texas Intermediate crude futures to rise above $100 a barrel. The benchmarks are currently trading at about $100 and $91, respectively. watch now Oil prices had spiked above the $100 mark ahead of the midterm elections as investors weighed uncertainty surrounding the Iran conflict and the risk of further U.S. military actions. President Donald Trump had previously said he would not launch new attacks on Iran before the elections, though The Wall Street Journal revealed that Washington had carried out limited strikes, according to U.S. officials. "President Donald Trump is determined, as a legacy item, almost at all costs, t.