Oil Prices Could Reach $200 per Barrel
If Israel destroys Iran's energy infrastructure, oil prices could reach $200 per barrel, according to CNBC.
The escalation in the Middle East could lead to supply disruptions in a region that accounts for one-third of global oil production. Israel may target the Khark Island, from which Iran exports more than 1.7 million barrels of oil daily.
It is worth noting that oil prices have recorded their largest weekly increase since October 2022. Brent crude is currently trading at approximately $78 per barrel, which is 9% higher than a week ago.
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