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How high can oil prices go?

In view of the wider interest, we are also sending this Commodities Weekly Wrap to clients of the Energy Service. 

It was generally a strong week for commodity prices. Geopolitical tensions have plainly ratcheted higher this week in both rhetoric and action, which has boosted the oil price and volatility is increasing sharply. In turn, higher oil prices put upward pressure on most agricultural prices. The Israel-Hamas conflict and geopolitical tensions will remain the key driver of prices in the week ahead. US GDP, released on Thursday, will be the key economic data release. We think growth was below consensus in Q3, which may boost commodity prices if it weakens interest rate expectations and the dollar.

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