“If Iran enters the war, we’re going to see much higher oil prices, obviously,” Sheffield said on CNBC’s “Squawk Box”…
Iran is a major oil producer and key backer of Hamas, the Palestinian Islamist group designated by the U.S. as a terrorist organization. A wider conflict could pose a major threat to global crude supplies, which have been cut back by Saudi Arabia and Russia in recent months.fell by 78 cents, or 0.91%, to $85.19. Brent and WTI had surged more than $3.
50 on Monday on concern that the clash between Israel and Hamas could escalate into a broader conflict."It's going to be up to Netanyahu, I believe. So depends on how much evidence he has that they're behind it and whether or not he decides to do anything about it," Sheffield said.as missiles rain down and hostilities head into the fifth day. The Israeli military said it is amassing troops near the Gaza Strip.
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