Ex OPEC President Chakib Khelil speaking in a Bloomberg TV earlier this morning:

  • A closure of the Straits of Hormuz could send oil prices to $150/200, “battering” countries like Greece
  • Conversely a worsening global economy could push prices as low as $50
  • OPEC could however replace Iranian oil supplies to Europe and Japan

WTI Feb Crude is trading $99.50 with the ICE Brent around $111.80