Oil prices (CL=F, BZ=F) are on the rise again, with Brent crude oil now sitting well above $90 per barrel. Multiple factors have impacted oil commodity prices, including hotter-than-expected inflation data, a boom in travel, and risks affiliated with ongoing conflicts in the Middle East.

Market Domination Anchors Josh Lipton and Julie Hyman break down the movement in oil prices and take a look at how prices could play out going forward.

For more expert insight and the latest market action, click here to watch this full episode of Market Domination.

Editor’s note: This article was written by Nicholas Jacobino

Video Transcript

JOSH LIPTON: The price of Brent crude on the rise again here. Reaching $91 a barrel in today’s trade. So this has been interesting, Julie. Prices moving now back up to their highest level really in months. Brent is up about 4% this week, and we different sort of factors driving this– strong economy. Obviously, we were just talking to Michael about the jobs report we got today. Blockbuster OPEC production cuts. But also, of course, geopolitical conflict is also front and center as well.

JULIE HYMAN: Yeah, and it’s become more– I mean, at this point, as we know, when you have a geopolitical conflict that then goes on for a little while without any meaningful change, it doesn’t affect consistently necessarily the price of an asset, but this week, when we had speculation and reports out of Israel that it was anticipating some sort of retaliatory attack from Iran, that’s then the, you know, X factor or the latest catalyst that helped push prices higher.

We did speak to some folks this week who said there’s a lot of speculation in the oil market as well. So you have to keep that in mind. It looks like we’re setting up for the best week for WTI since February 9th in terms of the magnitude of the gain and the best for the XLE. That’s the energy ETF going back to January 26. But there was still underperformance on the part of those energy stocks versus the actual commodity. That’s something we’re going to talk about a little bit later in the show. But it is something that the, um, energy stock bulls have been pointing out here.

JOSH LIPTON: Yeah, it is a question, and we are talking to a smart strategist later about this– about at what point, Julie, it becomes more of an issue for the Fed. Like if you have Brent at $91. Is it– is it $95? Is it $100 and sort of– and staying there? So we’ll– we’ll ask some smart people later about that.

JULIE HYMAN: Well, we just talked to Michael Gambon. He said it is something to keep an eye on.