Pimco Sees Oil Prices Elevated as Geopolitical Risks Ratchet Up

Oil prices are likely to remain at current highs as geopolitical risk factors increase, but the next significant price jump would likely come if Israel attacks Iran’s energy facilities, said Greg Sharenow, head of the commodity portfolio management group at Pacific Investment Management Co LLC.

Brent crude rallied more than 2% to climb above $90 a barrel on Thursday after Israeli Prime Minister Benjamin Netanyahu vowed to retaliate to any attack from Iran, despite the United States urging Israel to protect civilians.

“The way in which I think it really impacts the broader oil balances is whether Israel responds ...