Oil markets are being too complacent given the risk of major supply disruptions in the Middle East, analysts told CNBC on Thursday, with one warning that crude futures could rally to more than $200 a barrel.
It comes amid speculation that Israel could be planning to launch a retaliatory attack on Iran targeting its oil infrastructure — a prospect which would likely deliver a rude awakening to bearish energy market participants. – Source
Historically, Crude Oil reached an all time high of $147.27 in July of 2008.
Iran has grounded all flights from its airports hours after Israel vowed revenge for a barrage of missiles the Islamic regime fired at it on Tuesday.
The ban will last from 9pm local time on Sunday (6.30pm GMT) and 6am on Monday (3.30am GMT) Iranian state media said.
The flights were canceled due to operational restrictions, state media cited the Iran’s Civil Aviation Organization as saying, without providing further details. – Source
h/t External-Noise-4832