If there is war, oil prices can climb to $200 a barrel. If there is no war, it can, for a while, stay between $90 to $120 a barrel.
If war breaks out, there is no top for oil prices. Who knows how high it would eventually go? I don’t expect war anytime soon. But if it does happen, then one should definitely own all commodities, especially oil.
Even without war, oil prices can move up, since oil reserves in most of the world are on a decline. The world is facing serious longer–term oil energy problems down the road.