Oil prices could break below $20 this year as tensions rise between Iran and Saudi Arabia, two of the world’s largest oil players, Again Capital founding partner John Kilduff said Monday.

„I think you’re going to get as low as $18 and maybe get as high as $48. … It’s going to get really ugly,“ he told CNBC’s „Squawk Box.“ „The Iranians doubled down again, if that’s even possible, by saying that they could put 500,000 more barrels on the market within weeks after the sanctions get lifted.“

Kilduff was referring to the anticipated lifting of sanctions related to Iran’s nuclear program, which have locked the country out of international oil markets…

Read more : CNBC, 04.01.2016