Oil prices could surge if Iran enters the conflict, Pioneer Natural Resources CEO says

Scott Sheffield, CEO of Pioneer Natural Resources.

Adam Jeffery | CNBC

Pioneer Natural Resources CEO Scott Sheffield mentioned oil prices could transfer loads greater if Iran will get concerned in Hamas‘ conflict on Israel.

“If Iran enters the conflict, we’ll see a lot greater oil prices, clearly,” Sheffield mentioned on CNBC’s “Squawk Box” Wednesday.

Iran is a significant oil producer and key backer of Hamas, the Palestinian Islamist group designated by the U.S. as a terrorist group. A wider battle could pose a significant risk to world crude provides, which have been in the reduction of by Saudi Arabia and Russia in latest months.

Brent crude traded barely decrease to $86.93 a barrel Wednesday, whereas the U.S. West Texas Intermediate (WTI) crude fell by 78 cents, or 0.91%, to $85.19. Brent and WTI had surged greater than $3.50 on Monday on concern that the conflict between Israel and Hamas could escalate right into a broader battle.

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U.S. West Texas Intermediate

“It’s going to be as much as [Prime Minister Benjamin] Netanyahu, I imagine. So relies on how a lot proof he has that they are behind it and whether or not or not he decides to do something about it,” Sheffield mentioned.

The death toll is rising in Israel as missiles rain down and hostilities head into the fifth day. The Israeli army mentioned it’s amassing troops close to the Gaza Strip.

U.S. Secretary of State Antony Blinken, who is because of arrive in Israel on Thursday, said Sunday that it isn’t clear there was any involvement by Iran.

Exxon Mobil mentioned Wednesday it agreed to purchase shale rival Pioneer Natural Resources for $59.5 billion in an all-stock deal, or $253 per share.

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