Oil Prices Soar as Iran Tensions Escalate

The price of oil has reached $100 per barrel for the first time in two months due to renewed tensions between Iran and other countries. The Strait of Hormuz, a vital shipping route, has been disrupted by Iranian attacks on vessels.

Iran's allies, the Houthi group in Yemen, have also targeted Saudi ships transiting the Red Sea. This escalation has contributed to the rise in oil prices.

Chuck Lieberman, Managing Partner and Chief Investment Officer at Advisors Capital Management, believes that oil prices could go even higher. He notes that some investors are predicting a price of $120 per barrel.