"Analysts widely agree that prices have room to move much higher if the Strait of Hormuz, the conduit for about one-fifth of global oil supplies in peacetime, remains effectively closed in the coming weeks. The only real point of contention is by how much."
"Benchmark Middle Eastern crudes like Oman and Dubai have already crossed the $150 threshold, so $200 is already within sight, even if not for Brent and West Texas Intermediate, Vandana Hari, the founder of oil market analysis provider Vanda Insights, told Al Jazeera."
"How much further crude climbs from here almost entirely hinges on how much longer the Strait of Hormuz remains closed, Hari said. After Iran declared the strait closed early in the conflict and threatened to strike any ships attempting to pass, traffic all but stopped."
Following U.S. and Israeli attacks on Iran beginning February 28, oil prices have surged dramatically as the Strait of Hormuz faces effective closure. Brent crude reached nearly $120 on March 9 and has remained above $100 since March 13. An Israeli strike on Iran's South Pars gas field on March 18 triggered Iranian attacks on regional oil facilities, pushing prices above $108. Market analysts project prices could reach $150-$200 if the strait remains closed, as it controls approximately one-fifth of global oil supplies. Benchmark Middle Eastern crudes have already crossed $150. Iran declared the strait closed and threatened to strike passing ships, halting most traffic. The Trump administration has struggled to secure international support for a naval convoy to reopen it, while countries negotiate separately with Iran for safe passage.
Read at www.aljazeera.com
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