"Trump administration officials are examining what a potential spike in oil prices as high as $200 a barrel would mean for the economy, according to people familiar with the matter, a sign senior officials are studying the possible fallout from extreme scenarios for the Iran war."
"Larry Fink, CEO of BlackRock, thinks oil prices could remain in the low triple digits for months if tankers cannot reach the Suez Canal due to attacks on shipping. The result would be a deep and long recession."
"Crude oil that passes through the Strait accounts for almost 40% of China's oil imports. The figure is 15% for India and over 12% for South Korea. These nations might have to ration oil and decide which parts of their economies can largely do without it."
The Trump Administration is preparing for a potential spike in oil prices, with estimates reaching $200 a barrel. Financial firms like BlackRock predict severe economic impacts, including a deep recession if prices remain high. The effects of such a price increase would vary by country, with the US less affected due to its oil production. However, countries like China, India, and South Korea, which rely heavily on oil imports, would face significant challenges, including potential rationing and crippling economic losses.
Read at 24/7 Wall St.
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