US EditionOil Could Spike to $90 If Strait of Hormuz Shut, Citigroup Says
15 Articles
15 Articles
Oil markets are closely monitoring developments in the Israeli-Iranian war. Analysts predict that if Iran were to close the Strait of Hormuz, which is crucial for oil transportation, oil prices could rise to as much as $120-130 per barrel. Fuel prices at Estonian gas stations fell today after yesterday's increase. However, this is not related to the Middle East conflict, but rather to the approaching Midsummer.
The American bank predicts a sharp rise in prices in the event of a disruption to shipping, but estimates that the duration of such a blockage will be limited.
Energy Sector Is Proving All Hands Are On Deck!
Even before the Israeli/Iran crisis, crude oil was on our radar and in our portfolio over $62 a barrel. Shale oil supply could be peaking. Rig counts were down for weeks. As well, the US withdrew nearly 11 million barrels from the reserves. Producers cannot afford to drill or refine with oil too cheap. Now with the Middle East crisis, oil is trading over $74 a barrel. Any escalation will drive oil to $95-100. So it’s understandable why the Ener…
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