Crude oil could top 52-week highs on Syrian tensions and head higher still, Tradition Energy Director of Market Research Addison Armstrong said Tuesday.
"There's a lot of ammunition sitting on the sidelines now to re-enter on the long side, and we look for that $109.32 to be taken out pretty easily," he said, referring to the July 19 high for WTI crude. "And then we're looking at a high back to May of last year of about $110.50."
On CNBC's "Fast Money," Armstrong said that the market was just starting to factor in geopolitical risk from Syria.
"I think it's in its early days of being baked in," he said. "There's a lot of uncertainty of what the outcome will be if there is actual military intervention in Syria. Tehran has made a lot of noise over the weekend about a wider conflict if Syria is attacked.