Oil prices are gushing higher again.
Last checked, crude was up another 39 cents to $86.98. From here, we could see $90 near term, even $100.
For one, tensions in the Middle East are boiling. Most recently, Israel shut down 28 embassies with threats from Iran. “While Israel has not claimed responsibility for Monday’s attack, which killed Iran’s top Islamic Revolutionary Guard Corps general in Syria along with his deputy and five other IRGC officers, Tehran has pointed the finger at Jerusalem and vowed revenge,” reported The Times of Israel.
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In addition, as just noted by Daily Express, “The CIA has warned Israel that Iran will attack the country in the next 48 hours, it has been reported. Tehran is said to be planning a combined attack with a “rain” of drones and missiles fired from its bases at strategic locations inside Israel. This comes after US officials raised fears that the Israeli strike could lead to a wider war in the Middle East.”
In short, this could get ugly real fast – and could send oil well above $100.
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Should the situation worsen, investors may want to jump into oil names such as Exxon Mobil (XOM), Chevron (CVX), Occidental Petroleum (OXY), and ETFs such as the SPDR Energy Select Sector ETF (XLE).
With an expense ratio of 0.12%, the XLE ETF provides exposure to companies in the oil, gas and consumable fuel, energy equipment and services industries, as noted by State Street SPDR. Not only does an ETF allow for diversification, you can buy it for less than a single one of its holdings.
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