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Oil prices have already reached a peak of above $85 a barrel recently. But the recent actions in the gulf region and dispute among the Islamic states and created a divide and uncertainty among the supply chain as well as oil production. Oil prices have surged due to the Israel-Hamas war's potential threat to global output and the Gulf region. The Brent oil benchmark rose nearly 5 points, impacting the economy and consumers. The war's ultimate impact on oil prices remains uncertain, as it could curtail global oil supply. And Israel-Hamas war is not the only one affecting the supply chain (abc news). The war among Russia and Ukraine has also been affected the supply chain for over 2 years now.

Also, recently US crude oil exports reached record highs in H1 2022, with an average of 3.99 million barrels per day, primarily to Europe and Asia. Despite this, the US remained a net importer, importing 8.836 million barrels in June. Which is up 20% for the same period in year 2022 (oilmarket). And the surging demand and broken supply chain is more skewed towards the price reaching at $100 a barrel.

@GangaSingh Price of Oil barrel today in the US is $93.63 (Csokasi, 2023). With the ongoing Israel Hamas war, a spike in oil process has been observed. This is affecting the wider Gulf region, which produces and transports a substantial portion of oil globally. The ongoing conflict can impose restrictions on worldwide oil supply and lead to a soaring process. We agree with Ganga Singh’s analysis as it cites recent events such as the Israel-Hamas war and the Russia-Ukraine conflict where these conflicts have affected the supply chain and increased the oil prices. According to a report by Reuters, crude oil in countries like Nigeria and Malaysia have exceeded $100 a barrel (Lawler, 2023). This is because of major producing nations like Saudi cutting their supply (Lawler, 2023). Still, Ganga Singh could have had an even stronger point by incorporating a more data-driven approach such as adding references to historical data, quantitative, statistical models, to improve his predictions. Highlighting sources that do not support the research question could create a more solid analysis. Having more sources beyond the two cited should not create bias as oil prices were higher in some countries than in others. Using sources like OPEC reports and economic indicators.

In the first half of the year, OPEC's output cuts, primarily led by Saudi Arabia, aimed to stabilize falling prices. These cuts, combined with positive economic indicators from the U.S., have since pushed prices up by 30%, nearing $100. Bulls argue that the resilience of oil demand, especially from China and the U.S., and the potential for further supply cuts suggest prices could exceed $100. However, bears believe that the recovery in China's demand has plateaued and that rising inflation in the U.S. could dampen the economy, making oil more expensive globally. The short-term outlook seems bullish, with potential price swings buoying prices above $100.