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Brent crude, the international benchmark for oil prices, traded at $85.97 per barrel on Nov. 6.
Any escalation in the Middle East conflict could send oil prices marching toward $100 and beyond.
Oil was the best-performing asset in Q3.
The surge is expected to push gasoline prices up even higher and worsen inflation rates across the economy that are already rising.
U.S. retail gas prices surged 18.5% since December 2022, driven by rising oil prices, signaling a worrisome acceleration in inflation.
Oil prices have risen for the fifth straight week, with investors hopeful that supply cuts and healthy demand will keep supporting prices. Earlier this month, the OPEC+ alliance announced a reduction in oil output.
