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Oil prices (BZ=F, CL=F) have risen above $85 per barrel, the highest level since October 2023. With OPEC+ maintaining supply cuts and the possibility of Federal Reserve rate cuts on the horizon, could there be more upside ahead?

Rystad Energy SVP and Head of Global Oil Macro & North America Research Director Claudio Galimberti joins Yahoo Finance to discuss the rising prices of oil and how the energy sector will operate moving forward.

Galimberti claims with geopolitical tensions and cuts from OPEC, it's easy to see how to get to triple-digit prices: "The OPEC cuts have created a huge deficit. Demand remains strong... We are seeing Ukraine just, as of yesterday, attacking a big refining in Tatarstan, which is something like a thousand kilometers from the border, from the Russian border, so there is an escalation in the war between Ukraine and Russia, specifically targeting Russian oil facilities. Russia is a major oil producer. So, the moment you have potentially 500,000, a million barrels a day temporarily impacted, this is when you can see oil prices notch up potentially another $5, $10, and then you are in triple digits." However, he notes that spare capacity in the Middle East could help keep prices from going too high.

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Editor's note: This article was written by Nicholas Jacobino