Oil prices surged by nearly 5% following the Hamas attack. As a result, some experts anticipate prices could reach $150 per barrel, prompting concerns about another potential rise in U.S. gas prices.

Reuters highlighted a significant leap in oil prices during early Asian trading on Monday, with prices increasing by over $3 a barrel.

Nick Sortor pointed out, “Joe Biden has drained the strategic petroleum reserves, which will give even more leverage to OPEC+ countries to take advantage of the Israel/Palestine conflict.”

Zero Hedge commented on the volatility of recent oil prices, observing, “Oil prices have been a veritable rollercoaster in just the past 10 days,” and further adding, “In retrospect, last week’s oil tumble now seems like ancient history, and after Saturday’s unprecedented events in Israel, oil has moved sharply higher after the weekend attack by Hamas against Israel, with Brent topping $88 a barrel to repair some of last week’s heavy losses, and according to some, set to continue rising until it tops $150.”

While Goldman analysts had previously forecasted oil to reach $100 by mid-2024, the current events might accelerate this timeline, especially if Iran becomes more deeply involved in the unfolding situation.