“In the case of a full-scale war, Brent would likely soar above USD100/bbl, with any potential shut-in of the strait threatening prices of USD150/bbl or more,” Fitch Solutions’ BMI wrote in a note published Wednesday. While the probability of a full-scale war remains “relatively low,” the risks of a misstep by either side are now elevated, BMI’s analysts stated.
Although some industry analysts believe that OPEC+ has enough spare capacity to compensate for a disruption in Iranian exports if Israel targets its oil infrastructure, the world’s spare oil capacity remains largely concentrated in the Middle East, especially among the Gulf states, which could be at risk if a larger conflict worsens.
https://www.macrotrends.net/1369/crude-oil-price-history-chart
Events going on behind the scenes at the moment must be epic. All to prevent a new all time high oil price over $200.
Netanyahu blocks defense minister’s U.S. trip to discuss possible Iran attack
https://www.axios.com/2024/10/08/israel-us-netanyahu-cancel-defense-minister-trip
h/t mark000