Given the latest developments and the facts provided, particularly those involving geopolitical tensions between Israel and Iran, it is essential to revise the forecast for the oil price by the end of the 2024 calendar year. The escalation of conflict in the Middle East, as suggested by the preparation for a direct attack by Iran on Israel [1, 2, 3] and retaliation threats [4, 5], is a critical factor that significantly influences global oil markets due to the region's substantial contribution to global oil supply. Bob McNally's prediction indicates that Brent crude oil futures could rise to $100 a barrel if Iran directly attacks Israel, with potential increases to $120 or $130 a barrel if there's a disruption in the Strait of Hormuz [6]. Given that the Strait of Hormuz is a strategic chokepoint through which a significant portion of the world's oil passes, any disruption would have a profound impact on global oil supply and, consequently, prices. Considering the already observed increases in U.S. crude [7] and Brent crude [8] prices in response to the initial conflicts and tensions, along with Exxon Mobil's stock reaching an all-time high [9] due to the oil rally, it indicates a market sensitivity to these geopolitical events. While the initial forecast did not account for these specific geopolitical tensions, they are essential factors that are likely to exert upward pressure on oil prices due to concerns about supply disruptions and increased risks in the Middle East. Therefore, revising the forecast to incorporate the potential impacts of these tensions and the expert analysis provided in the newly presented facts, suggests an adjustment towards a higher price point. Given these considerations, along with the earlier highlighted factors such as transitioning from oversupply to potential shortage [FORECAST justification] and economic recovery influencing demand, the price forecasting must account for both the anticipated market adjustments and the new geopolitical risk premium. Balancing these factors and particularly weighting the significant impact of Middle East tensions on supply perceptions, a speculative forecast would position the price higher than previously anticipated, aligning more closely with the potential outcomes described by McNally. Therefore, incorporating these additional geopolitical factors, the anticipated economic conditions, and market responses to supply concerns, leads to a revised forecast. The price of oil by the end of the 2024 calendar year will be $115 USD per barrel. Sources: 1 :: https://www.cnbc.com/2024/04/12/crude-oil-prices-today.html 2 :: https://www.cnbc.com/2024/04/12/crude-oil-prices-today.html 3 :: https://www.cnbc.com/2024/04/12/crude-oil-prices-today.html 4 :: https://www.cnbc.com/2024/04/12/crude-oil-prices-today.html 5 :: https://www.cnbc.com/2024/04/12/crude-oil-prices-today.html 6 :: https://www.cnbc.com/2024/04/12/crude-oil-prices-today.html 7 :: https://www.cnbc.com/2024/04/12/crude-oil-prices-today.html 8 :: https://www.cnbc.com/2024/04/12/crude-oil-prices-today.html 9 :: https://www.cnbc.com/2024/04/12/crude-oil-prices-today.html