Oil prices are gushing higher after Iran attacked Israel just yesterday.
Now with Israel threatening to counter that attack, oil prices could push even higher. All of which could send stocks like Chevron (SYM: CVX) significantly higher.
As noted by Forbes, “The escalating conflict adds a layer of uncertainty to an already volatile energy market, where fears of supply shortages often lead to swift price hikes.” They added, “The Israeli military, which initially estimated that around 180 missiles were fired, warned that this act of aggression ‘will have consequences,’ hinting at the possibility of further escalation.”
Oil last traded at about $72 and could easily gush higher.
We also have to consider that crude inventories in the U.S. fell over the last week by 4.339 million, according to The American Petroleum Institute (API).
