Iran War Could Spark Global Oil Crisis, Prices May Soar to $100
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The war in Iran has the potential to cause the biggest oil shock in years, with prices potentially soaring to $100 per barrel.
Markets were already nervous before the weekend, with oil closing at $73 a barrel on Friday, the highest since July.
The International Energy Agency predicted a supply surplus of 3.7m barrels per day in 2026, but rising tensions in the Gulf and tighter Western sanctions have caused prices to rise by around 20% this year.
The Strait of Hormuz, which carries around 15m barrels per day, is a key concern, with Iran's leadership warning shipping through the strait is no longer permitted.
Insurers are jacking up rates or cancelling policies altogether for vessels attempting the journey, and at least five giant tankers have made U-turns on the afternoon of February 28th.
The uncertainty unleashed by the war in Iran could linger for much longer, with traders bracing for many anxious weekends to come.
