Oil Prices Set to Spike on Iran-Israel Conflict Fears

• Oil prices expected to rise when markets open Monday following Iran's attack on Israel over the weekend, reaching 6-month highs

• Iran launched over 300 drones and missiles at Israel from Iran, which Israel repelled with help from allies; first attack of its kind by Iran

• Concerns over Iran retaliation pushed oil prices to highest since October last week, with Brent crude reaching $92/barrel

• Degree of oil price rise depends on potential escalation and supply disruptions, but could be short-lived

• Iran has raised oil exports during Biden administration, so lower exports would further increase oil and gasoline prices ahead of U.S. elections