Select-Global News: Oil may top $150 if regional tensions escalate

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International oil prices may top $150 a barrel on rising tensions in the Middle East over Iran's nuclear programme, which potentially, could send the global economy back into recession, according to experts.

"If Israel attacks Iran, oil prices may well spike to $200 a barrel. The movement of oil in the Strait of Hormuz, through which major shipments from the region pass, will get disturbed, which may lead to higher costs of insurance and shipping," Khalid Al Awadi, a local energy analyst told Gulf News.

Israel's leadership remained silent on a report released late on Tuesday by the International Atomic Energy Agency (IAEA) claiming that Iran might be seeking a nuclear weapon.

Israel's defence minister warned on Tuesday of a possible Israeli military strike against Iran's nuclear programme and rejected suggestions the Jewish state would be devastated by an Iranian counterattack.

Source: Gulf News

As suggested by this article and other sources, industry experts are forecasting that the price of oil is set to rise significantly over the coming years.

Venture Oil Investments Ltd (VOIL) has secured a forward purchase option on an exact quantity of crude oil in the ground in Oklahoma, USA at a fixed price of $48 per barrel.

 

Qualifying investors have the opportunity to purchase allocations of 250 barrels at $48 per barrel through an allocation of shares in VOIL comparable to the level of investment.

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