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Experts say the Saudi oil crisis could send oil prices to $150 a barrel if the Iran-US conflict escalates and worsens the global downturn
Oil could rise to $85 a barrel without any escalation, Capital Economics says.
Prices climbed about 9% to hit a three-month high this week as traders feared the storm would squeeze supply.
Iran is squirrelling millions of barrels of crude oil in Chinese ports to avoid breaching US sanctions
Iran is safely storing its crude and freeing up its tankers, while China can tap the stockpile if supply is disrupted or sanctions end.
Oil is surging as traders brace for the UK’s response to Iran’s seizure of a British-flagged oil tanker
"Investors need to carefully watch the developments in Strait of Hormuz," one analyst wrote, as a fifth of global oil supply passes through it.
A fresh threat of US tariffs against Europe and disappointing manufacturing data tempered the market mood following the US-China trade war truce last weekend.
Oil prices were lower following the move by OPEC, a signal that growth concerns have overwhelmed expectations for lower supply.
"There is plenty of reason to be seeking shelter in gold."
Oil is being propped up by Middle East tensions after the US used video to blame Iran for tanker attacks
Oil prices on Friday were pushed and pulled between competing drivers of Iran tensions and a supply glut.
Oil prices jumped at least 3% as traders feared Middle-Eastern tensions could reduce crude supplies.
WTI crude oil is now in a bear market, down 21% from its April high. Analysts say global growth fear is the culprit.