Research: US attack on Iran nuclear facilities could result in oil prices surpassing $130

Analyst Ziad Daoud and his team said that the impact on oil depends on Iran's response - and what action the US takes in response, as well as whether and when a ceasefire can be reached. As the market digested the risks facing supply, oil prices have risen from about $70 per barrel when Israel just launched air strikes against Iran to $77 per barrel on Friday. If the extreme scenario of the closure of the Strait of Hormuz occurs, oil prices could skyrocket to over $130 per barrel. This would drag down global economic growth and raise consumer prices.