Commodities
Oil Prices to Stay Elevated as Geopolitical Risks Ratchet Up, Pimco Says
- Escalating tensions between Israel, Iran major factor on price
- An attack on Iran’s energy facilities likely to trigger surge
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Oil prices are likely to remain at current highs as geopolitical risk factors increase, but the next significant price jump would likely come if Israel attacks Iran’s energy facilities, said Greg Sharenow, head of the commodity portfolio management group at Pacific Investment Management Co LLC.
Brent crude rallied more than 2% to climb above $90 a barrel on Thursday after Israeli Prime Minister Benjamin Netanyahu vowed to retaliate to any attack from Iran, despite the United States urging Israel to protect civilians.