Shale tycoon Hamm: WTI is headed to $75 regardless of what happens in Middle East

West Texas Intermediate (WTI) oil is headed to $75 per barrel, regardless of the outcome of rising tensions in the Middle East, Shale-oil baron Harold Hamm said during a CNBC interview on Monday. 

Key quotes

The market is headed toward a “tightening of supplies” regardless of what happens in the Mideast. I’m not terribly worried about what’s going right down in Iran.

‘I think we’re probably headed for $75 oil price in the next six months. That’s where the market’s going, and we’ll get there. It’s not too much to ask.

WTI oil jumped 3% on Friday after the US killing of Iranian military commander injected geopolitical uncertainty into the market. The benchmark extended gains to an eight-month high of $64.69 on Monday. 

At press time, a barrel of WTI is changing hands at $62.97 per barrel.