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March 17, 2012
How Large is the Effect of Iran Crisis on Oil Prices: Report
By Sheila Samples
Tensions between Iran and the West have caused a hike in global oil prices, from $5 to $25 per barrel, according to Capital Economics. Going by the report of Capital Economics, quantifying the impact of Iran tensions is difficult because it is hard to say exactly what is, or should be, reflected in the current prices. The worst-case scenario is some form of military conflict that disrupts the flow of oil through the Strait of Hormuz. This flow am ...
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Tensions between Iran and the West have caused a hike in global oil prices, from $5 to $25 per barrel, according to Capital Economics. Going by the report of Capital Economics, quantifying the impact of Iran tensions is difficult because it is hard to say exactly what is, or should be, reflected in the current prices. The worst-case scenario is some form of military conflict that disrupts the flow of oil through the Strait of Hormuz. This flow amounts to around 17 million barrels per day (bpd), or close to 20 percent of the global consumption.Sheila Samples is an Oklahoma writer and a former civilian US Army Public Information Officer. She is a Managing Editor for OpEd News, and a regular contributor for a variety of Internet sites.