Title : An Iran War Could Send Oil Beyond $325 Per Barrel
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An Iran War Could Send Oil Beyond $325 Per Barrel
Attacks on two oil tankers on Thursday in the Gulf of Oman left one ablaze and both adrift, driving oil prices up over worries about Middle East supplies. ISNA/via REUTERS
OilPrice.com: Persian Gulf Conflict Could Send Oil Beyond $325
The possibility of Iran attempting to close the Strait of Hormuz to tanker traffic has increased significantly in recent weeks, as has the possibility of a Persian Gulf War, especially with the Islamic Republics’ intentional destruction of a U.S. surveillance drone on June 20.
This act provides weight to Tehran’s threat that it will inflict a heavy toll on U.S. allies in the region if attacked by American forces and will not allow these same countries to export their oil if it can’t export its own.
The memory remains remarkably fresh in Iran of the 1951-53 oil embargo that toppled the democratically-elected government of Prime Minister Mohammed Mossadegh – and the CIA installing the despot Mohammad Reza Pahlavi, the so-called Shah of Iran, in his place.
The impact on oil markets of an Iranian closure of the Strait of Hormuz would be enormous.
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WNU Editor: Twenty per cent of the world's oil goes through the Persian Gulf, so yes, the price for oil will explode. But $325 per barrel? Maybe for one day, but definitely not long term. At that price everyone will be drilling for oil.
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