Economist: Regional Tensions Will Push Oil Prices Above USD 100

(MENAFN- Kuwait News Agency (KUNA)) VIENNA, June 14 (KUNA) -- An economic and financial expert predicted on Saturday that global oil prices will exceed USD 100 if tensions in the region escalate, following Israeli occupation's attacks on sites in Iran.
Economic and financial expert Dr. Bashir Aliya told KUNA that global oil markets reacted quickly and strongly to the Israeli occupation's attacks on Iranian sites.
He explained that the strikes pushed crude oil prices up by seven percent, exceeding USD 75 per barrel.
He pointed out that approximately 20 percent of global oil revenues pass by sea, which raises serious concerns about supply disruptions through the Hormuz Strait.
He also emphasized that continued tensions will keep prices in the USD 78 to USD 80 per barrel range, but warned that a comprehensive escalation could push prices above USD 100 and perhaps higher.
Dr. Aliya pointed out that one of the factors keeping prices high is China and India's continued purchases of large quantities of crude oil, as both countries' economies, especially Beijing's, rely on a strategy of sustained growth to avoid recession, especially in light of the trade tensions with the United States. (end)
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