US-Iran Escalation Sends Oil Prices Soaring to $105 Target

Global oil expert Peter McGuire warns that escalating tensions between the US and Iran could push Brent Crude prices to $105 per barrel by the end of July. This prediction comes as Brent Crude has already surpassed the $100 per barrel level, with WTI Crude crossing $91 per barrel. The surge in oil prices is attributed to the intensifying conflict, which has raised concerns about persistent geopolitical uncertainty.

According to McGuire, energy prices have 'exploded to the upside,' cracking $100 per barrel and sparking fear in the market. Oil rates have increased by 45% since the beginning of the month, prompting traders to position themselves for a potential target of $105 per barrel by the end of July.

The US-Iran conflict has been escalating, with the US military launching strikes against Iranian targets on consecutive nights. US President Donald Trump has stated that he is considering a 'massive attack' on Iran and may resume major military operations.