The U.S. is likely to resume military action against Iran in the coming days, a move that could send oil prices sharply higher, according to Bob McNally, CEO of geopolitical and energy analysis firm Rapidan Energy Group.
Speaking to CNBC's "Squawk Box Asia," McNally put the odds of "a resumption of military fighting" at 80% as the U.S. midterm elections recede.
McNally said he expects both Brent and West Texas Intermediate crude futures to rise above $100 a barrel. The benchmarks are currently trading at about $100 and $91, respectively.
Oil prices had spiked above the $100 mark ahead of the midterm elections as investors weighed uncertainty surrounding the Iran conflict and the risk of further U.S. military actions.
President Donald Trump had previously said he would not launch new attacks on Iran before the elections, though The Wall Street Journal revealed that Washington had carried out limited strikes, according to U.S. officials.