According to JPMorgan, oil prices could increase this winter, due to the US sanctions on Iran. Namely, JPMorgan expects the price of a barrel of oil to increase from $60 to $85 a barrel in the next six months, while a ‘pike’ to $90 is also on the table.
When the US withdrew from the Iran nuclear deal, the sanctions regarded crude oil exports, as well. These sanctions will become effective on November 4.
[smlsubform prepend=”GET THE SAFETY4SEA IN YOUR INBOX!” showname=false emailtxt=”” emailholder=”Enter your email address” showsubmit=true submittxt=”Submit” jsthanks=false thankyou=”Thank you for subscribing to our mailing list”]
Oil prices could increase from November, as JPMorgan expects the price of a barrel of oil to rise from $60 to $85 a barrel in the next six months. A ‘spike’ to $90 is also likely.
During 2008, the price of a barrel of oil peaked, hitting a record level of $143. After that the closest it came was in 2012, when Iran threatened to close the Strait of Hormuz, with oil prices reaching $120.
Since then, they have been steadily declining, dropping as low as $27 in 2016. However, since Donald Trump became President, oil prices have risen, hitting $78 in September.
