West Asia Tensions Drive Oil Prices Towards $100 A Barrel

Oil prices have been rising due to ongoing tensions in West Asia, and some analysts believe they could hit $100 a barrel. Peter McGuire, CEO of Trading.com, thinks oil will continue to surge as uncertainty remains high.

Tensions between Iran and the US are still simmering, with President Donald Trump describing the current agreement as 'worthless'. This has led to an increase in oil prices, which have already broken past $90 a barrel. Crude oil prices reached $97 a barrel before retreating back to around $95.60.

McGuire expects the US dollar index to rise towards 100 due to the situation unfolding. He also thinks it's possible that the standoff could drag on for years, likening it to the Ukraine-Russia situation.