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Reply to "Oil Prices Surge Above $100 a Barrel for the First Time in Almost Four Years"
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[quote=Anonymous]Qatar, Kuwait, Bahrain, and Iraq export 100 percent of their oil though the Strait of Hormuz. The Saudis have a pipeline to the Red Sea, but otherwise 80 percent of their oil also goes through Hormuz. There are zero tankers passing through. And without insurance and security no tanker is risking it. It is impossible for the US and Israel to secure the Iranian side without a massive ground force, which ain't happening. This was all a very predictable catastrophe. The global economy is going to tank. Israel has started to hit Iranian refineries and oil depots. Iran will counter of course. It's a big mess and it's going to last a long time. Oil will hit $200 soon.[/quote]
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