Paul Tudor Jones Predicts Oil Rally Amid US-Iran Conflict

Hedge fund manager Paul Tudor Jones predicts that oil prices could rally an additional $20 to $25 per barrel, driven by the ongoing conflict between the United States and Iran. Speaking on CNBC, Jones stated he is long oil and believes a resolution to the hostilities is unlikely before the U.S. midterm elections.

Oil prices have remained volatile since the war began on February 28, 2026. After peaking in early April and dropping below $70 in June, prices climbed again in July due to instability in the Strait of Hormuz, reaching nearly $106 per barrel in September. Western Texas Intermediate crude futures were trading around $92.50 on October 13.

Jones noted that while the equity market would react poorly to such a price surge, he expects President Donald Trump to pursue a peace plan after the elections. He characterized the current state of the conflict as untenable and unsustainable in the long run.