Oil price could double to $150 a barrel

Oil prices rose again on Monday, pushing past $70 per barrel for the first time in seven months as fears grow about a potential war between the US and Iran following the killing of a top Iranian general, Report informs citing Independent.

Brent crude added another 2 per cent to Friday’s gains and experts warned the price could more than double to $150 if the tense situation in the Middle East escalates to a full-blown conflict.

That would have a knock-on effect on the world economy, increasing petrol prices for consumers and putting upward pressure on the cost of a broad range of goods.

While the primary concern is for human life, conflict would also affect the world’s supply of oil, with a number of key facilities and transportation lanes seen as potential targets for Iranian retaliation.

Tehran could block off the vital Straits of Hormuz, an artery through which around a fifth of the world’s oil supplies travel. The strait between Iran and the Arabian Peninsula, which is just 20 miles across at one point, was the scene of the highjacking of two oil tankers in June