Paul Tudor Jones Sees Oil Rising Another $20-$25

Paul Tudor Jones, founder and chief investment officer of Tudor Investment, expects oil prices to rise another $20 to $25 a barrel. He remains bullish on crude because he sees limited prospects for a resolution to the US-Iran conflict before the US midterm elections in November.

West Texas Intermediate crude futures traded at about $92.50 a barrel on Tuesday morning. A rise of $20 to $25 would push WTI above its 2026 closing high of just under $113 a barrel.

Jones said a sustained increase in energy prices would create a difficult environment for stocks. US equities have so far absorbed volatility in the oil market.

The S&P 500 fell slightly more than 7% at its March low after the conflict began on Feb. 28. The decline was smaller than many analysts had expected after oil prices initially jumped.

Crude prices peaked in early April before falling below $70 a barrel in June. Prices began recovering in July as tensions in the Middle East increased and uncertainty continued over shipping through the Strait of Hormuz, a major route for global oil supplies. Oil prices climbed to nearly $106 a barrel in September before retreating.

Jones also expects equities to face pressure in 2027 from an increase in the number of shares available to investors. Potential initial public offerings by major technology companies, including Anthropic and OpenAI, could add to the supply of shares, he said.

Jones sees little chance of a diplomatic settlement before the November elections. He said President Donald Trump could seek negotiations after the vote and described the current situation as unlikely to remain sustainable over the longer term.