Bank of America issues $130 oil warning --A direct war between Israel and Iran could "substantially" drive prices up, the bank has said in a note cited by CNBC | 18 April 2024 | An all-out war between Israel and Iran could drive oil prices up by $30-$40 per barrel, Bank of America experts have told clients in a research note seen by CNBC. Tehran and West Jerusalem have traded threats since Iran conducted its first direct military attack on the Jewish state last weekend, in retaliation for a suspected Israeli airstrike on the Iranian diplomatic mission in Syria earlier this month. If hostilities escalate into a protracted conflict that impacts energy infrastructure and disrupts Iranian crude supplies, the price of global benchmark Brent could rise "substantially" to $130 in the second quarter of this year, a Bank of America research note stated on Tuesday, according to CNBC. It added that US crude oil could soar to $123.