Oil would initially jump by $15-20 a barrel if Iran blocked the Strait of Hormuz...
FILE PHOTO: Oil tankers pass through the Strait of Hormuz, December 21, 2018. REUTERS/Hamad I Mohammed/File Photo
Rapidan Energy Group said the oil price reaction would be “M” shaped – suggesting an initial and possibly premature relief sell-off would precede a second spike to higher levels. A seven-day halt in oil flows in the Gulf could raise Brent prices to around $80-90 per barrel, and “well into the triple digits” if the confrontation lasted a month or longer, the energy consultancy said. Brent LCOc1 is currently near $66.50.
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