Iran, Israel and Oil
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Never try and predict what the price of oil is going to be, because there’s one sure thing: You’re going to be wrong,” says Baker Hughes CEO Lorenzo Simonelli.
Oil prices climbed on Monday, extending Friday's rally, as renewed strikes by Israel and Iran over the weekend increased concerns that the battle could widen across the region and significantly disrupt oil exports from the Middle East.
U.S. oil prices already jumped last week, which could cause prices at the pump to rise about 20 cents a gallon in the coming weeks, according to one estimate.
An exchange of strikes on refineries and gas facilities was limited but raised the risks to an industry with broad economic impacts.