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The head of Bank of America said that one thing is expected to rise in price if the war with Iran continues.
Bank of America’s Director of Commodities and Derivatives Research, Francisco Blanch, he says that if the war continued, the situation would be “very difficult for oil prices.”
According to Mr. Blanch, oil can explode to a price of up to $200 a barrel in such a scenario.
If we are still at the same place in May, looking at the third quarter, I have already said that we can see spikes to $ 160 a barrel.
If things continue, we could see Brent break $200 a barrel.
Brent Crude is trading at $108 at the time of writing.
Blanch also said that due to the oil crisis caused by Iran blocking the Strait of Hormuz, through which one-fifth of the world’s oil passes, countries around the world will be encouraged to increase their oil reserves. According to Blanch, this can be cost-effective in the long run.
“I think the world will change the way we think about the things that matter most.” Remember, in the 1990s, Japan worked hard to make this possible (a strategic approach).
And, in the 2020s, (it) has become China’s way of collecting things. That’s why they have been building huge oil reserves… …I think this will only accelerate after the end of the war. And I think that gives support to commodity prices in the near future. “
According to Mr. Blanch, the oil glut and price shocks caused by the Iran conflict could lead to a recession if left unchecked.
“We’ve got to see this war end, because if we don’t, I think the risks of a recession will increase as we head into April…”
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