Oil prices could spike as U.S. action on Iran nears: Rapidan Energy

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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.