Iran Strikes Will Be Nasty for Oil Prices But Not a Shock
IRAN-ISRAEL
One can look at oil and the Middle East through two lenses. Magnify every detail from the attacks on Iran and its responses and a chaotic picture emerges. When the market reopens on Sunday night, oil prices are likely to jump 10%-15% as a result. But seen from a wider angle — looking broadly at the global economy — the energy picture does not appear as scary, even if Brent crude does jump to, say, $80-plus a barrel.
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