Mercuria's deputy CEO sees high probability oil could hit $100 amid Middle East tensions

Mercuria Holdings

11/10/2023 07:41

FUJAIRAH, Oct 11 (Reuters) - The deputy CEO of commodity
trader Mercuria, Magid Shenouda, said on Wednesday that oil
could go to $100 a barrel if the situation in the Middle East
escalates further.
    "I don't think there are that many analysts that believed
that it was going to go to $100, in a normal circumstance. I
think the events that have happened recently, I think that puts
a great cloud where things could go, because the market is not
pricing much of a conflict," Shenouda said at an industry
conference in Fujairah, the United Arab Emirates.
    "Volatility went up but the price action was actually quite
muted - $3 a barrel is not that significant - so the market is
fading any real action. But there is a high probability that
this could escalate, and if it does escalate, then I think we
can see $100."
    

 (Reporting by Yousef Saba, Editing by Louise Heavens)
 ((Yousef.Saba@thomsonreuters.com; +971562166204; https://twitter.com/YousefSaba))