Expert says oil prices could go higher as Iran war escalates
The price of oil has hit 100 USD a barrel for the first time in two months, with some investors predicting it could even hit 120 USD per barrel. This is because renewed Iranian attacks on shipping have again brought traffic in the Strait of Hormuz to a near standstill.
This week, Iran's allies, the Houthi group in Yemen, began targeting Saudi ships transiting the Red Sea. Chuck Lieberman, Managing Partner and Chief Investment Officer at Advisors Capital Management, explains the situation.
