Allianz Trade Says Oil Could Hit $140

Crude oil prices could go as high as $140 per barrel and send the world into a recession, Paris-based Allianz Trade said on Friday. Tensions in the Middle East and escalations between Israel and Hamas into a broader regional conflic could trigger a price surge for crude oil that could send the commodity to trade at $140 per barrel, Ana Boata, head of economic research at Allianz Trade told Bloomberg Television on Friday. “Higher oil prices, that’s the direct impact,” Boata said, adding that prices could escalate from the current…