Pioneer Natural Resources CEO Scott Sheffield said oil prices could move a lot higher if Iran gets involved in the war between Hamas and Israel.
"If Iran enters the war, we're going to see much higher oil prices, obviously," Sheffield said Wednesday on CNBC's "Squawk Box."
Iran is a major oil producer and key backer of Hamas, the Palestinian militant group designated by the U.S. as a terrorist organization.
Brent crude traded slightly lower to $86.93 a barrel Wednesday, while U.S. West Texas Intermediate (WTI) crude fell by 78 cents, or 0.91%, to $85.19.
Brent and WTI had surged more than $3.50 on Monday on concern that the clash between Israel and Hamas could escalate into a broader conflict.
Persons:
Scott Sheffield, Sheffield, Brent, WTI
Organizations:
Natural Resources, U.S, West Texas
Locations:
Iran, Israel, Palestinian, Saudi Arabia, Russia