U.S. crude oil rallied 4.5% last week, briefly touching $87 a barrel Friday.
Mounting geopolitical tensions stemming from conflict in the Middle East and Eastern Europe have helped drive oil prices to five month highs, challenging the Federal Reserve's fight against inflation. U.S. crude oil gained 4.5% this week, touching $87 a barrel on Friday before settling at $86.91. Prices at the pump have followed crude higher to $3.58 per gallon on average, the most expensive since October, according to American Automobile Association data.
member Iran has vowed retaliation against Israel, holding the Netanyahu government responsible for a missile strike on its consulate in Damascus that killed two of the Islamic Republic's top generals . "If Iran retaliates with direct involvement, prices are bound to spike. Basically, we are a missile away from $90 oil," said Manish Raj, managing director of Velandera Energy Partners.
+ members are voluntarily slashing production by 2.2 million barrels per day. Bank of America expects a supply deficit of 450,000 barrels per day through the third quarter. Melek noted, however, that leader Saudi Arabia doesn't have an interest in prices moving too high, which stifles demand and risks encouraging U.S. shale producers to grab more market share. Saudi Arabia has 3 million barrels per day of spare capacity it can deploy if prices keep rallying. If prices fail to pull back, "there'll be White House pressure on the Saudis to step it up a little," Melek said.
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