Key Takeaways
- • Paul Tudor Jones, founder and chief investment officer of Tudor Investment, said on CNBC's Squawk Box on Oct. 13, 2026 that he is long oil and sees crude rallying another $20 to $25 a barrel amid the U.S.-Iran war.
- • U.S. crude futures were near $92.50 as of Tuesday morning; a $20 to $25 gain would push prices above this year's earlier closing high of just under $113.
- • Jones does not expect the conflict to be resolved before the U.S. midterm elections, but expects President Donald Trump to pursue peace after the vote.
- • Jones warned that a crude move of that size would hurt equities, and flagged 2027 as a potentially challenging year as megacap tech IPOs, citing Anthropic and OpenAI, add equity supply.
Summary
Paul Tudor Jones, founder and chief investment officer of Tudor Investment, told CNBC's Squawk Box on October 13, 2026 that he is bullish on oil and believes crude "can rally another $20 or $25 bucks." He tied the call to the U.S.-Iran war, which began on February 28, 2026. Jones argued that any easing of the situation would already have occurred before the midterm elections, and therefore he does not expect the conflict to be resolved before voters go to the polls.
According to the article, crude rose sharply in March after the war began, peaked in early April, and fell below $70 per barrel in June. Prices turned higher in July as fighting in the Middle East intensified and uncertainty over the Strait of Hormuz, a key oil chokepoint, persisted. Oil touched nearly $106 a barrel in September before easing. As of Tuesday morning, U.S. crude futures were near $92.50, and a further $20 to $25 move would take prices above this year's earlier closing high of just under $113.
Jones said a crude rally of that magnitude would cause the stock market to "absolutely totally hate it." Equities have so far held up better than many expected: after the war's start, the S&P 500's late-March low was a decline of a little more than 7%, smaller than some had anticipated given oil's surge. Jones also flagged 2027 as a potentially difficult year as investors absorb additional shares from megacap tech IPOs, citing Anthropic and OpenAI.
On the political outlook, Jones said, "I assume the president has a plan post-election," adding that the current situation is "untenable" and "not sustainable... in the long-run." Taken together, his views point to a potentially bumpier market into 2027 if crude rises further and new listings add to equity supply.
According to the article, crude rose sharply in March after the war began, peaked in early April, and fell below $70 per barrel in June. Prices turned higher in July as fighting in the Middle East intensified and uncertainty over the Strait of Hormuz, a key oil chokepoint, persisted. Oil touched nearly $106 a barrel in September before easing. As of Tuesday morning, U.S. crude futures were near $92.50, and a further $20 to $25 move would take prices above this year's earlier closing high of just under $113.
Jones said a crude rally of that magnitude would cause the stock market to "absolutely totally hate it." Equities have so far held up better than many expected: after the war's start, the S&P 500's late-March low was a decline of a little more than 7%, smaller than some had anticipated given oil's surge. Jones also flagged 2027 as a potentially difficult year as investors absorb additional shares from megacap tech IPOs, citing Anthropic and OpenAI.
On the political outlook, Jones said, "I assume the president has a plan post-election," adding that the current situation is "untenable" and "not sustainable... in the long-run." Taken together, his views point to a potentially bumpier market into 2027 if crude rises further and new listings add to equity supply.
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