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How could Israel-Iran escalation affect energy prices?

Oil prices could feasibly surge to $130-150pb were hostilities between Israel and Iran to escalate in a way that resulted in major disruption to Middle Eastern energy exports and/or shipping through the Strait of Hormuz. However, so long as the conflict does not become a long-lasting war with no “off ramp”, history suggests that any initial spike in the oil price would dissipate before long.

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