Oil could surge to $250 a barrel if Iran follows through with its threat to close a key choke point, analyst says

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Title : Oil could surge to $250 a barrel if Iran follows through with its threat to close a key choke point, analyst says
Link : Oil could surge to $250 a barrel if Iran follows through with its threat to close a key choke point, analyst says

Crude oil prices could jump as high as US$250 a barrel if Iran goes through with its threat to close the Strait of Hormuz in response to U.S. pressure on oil buyers to cut their Iranian purchases to zero, RT reports, quoting analysts. The most bullish among these analysts was Artem Avinov from online broker TeleTrade, who saw prices skyrocketing to US$250 a barrel if the Strait of Hormuz is blocked, disrupting about 17 million bpd in seaborne oil trade. Another analyst, from Global FX, said he expected prices to hit US$160 per barrel in the event of a Hormuz blockade, following a warning from the Iranian Revolutionary Guards that they might close the chokepoint as it must be "for all or for no one," as reported by news agency Tasnim