The Financial Post reports in its Tuesday edition that after reaching its highest price since October, oil could rise even further and possibly breach the $100 mark this year if tensions in the Middle East continue to escalate, analysts say (all figures U.S.). The Post's Naimul Karim writes that West Texas Intermediate crude was trading for between $85 and $90 per barrel late last week ahead of Iran's attack on Israel. Following the attack, economists from Moody's Analytics said they expect the price to increase to between $90 and $95 per barrel. The analysts noted two possible scenarios. "The most likely is a measured and restrained response from Israel that de-escalates tensions. That would see the $10-per-barrel risk premium fade over the next few weeks," the economists said in a note. However, should Israel forcefully respond, "oil prices could jump to more than $100 per barrel." Bank of Nova Scotia analysts said the conflict's latest escalation has changed the rules of engagement in the region. "The higher risk premium in the oil market will be here to stay for the foreseeable future," they said in a note. "Our current 2024 and 2025 oil price forecast may prove to be too conservative and require upward revisions."