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Oil Prices Could Reach $200 per Barrel
The former IMF official, Mr. O. Blanchard, outlined the factors behind the volatile oil prices’ fluctuations. He explained two main reasons for that: it is practically impossible to fully protect shipping in the Strait of Hormuz, and Iran has “no reason” to stop threatening vessels passing through the place.
The economist stated that a supply shortage combined with extremely low demand elasticity for oil suggests prices should be closer to $150–$200 per barrel, or even higher, rather than the current level of around $100.
However, Mr. C. Wright, US Secretary of Energy, said it is “unlikely” that oil prices will reach $200, though he did not rule it out. Earlier, Wright posted that the United States had successfully escorted an oil tanker through the strait. This briefly pushed oil prices down, but they rebounded after he deleted the message and the White House later confirmed that the US had not escorted any tanker.
Oil prices could jump to $150–$200. Analysts at JPMorgan estimate a potential supply deficit of 16 million barrels per day due to ongoing shipping disruptions in the region.
At the time of writing, XBRUSD was trading at $100.66.
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