Arya News - Any escalation between Iran and Israel would cause oil prices to increase due to the risk of disruption of the flow of oil and gas from the Gulf region, international oil economist and a global energy expert Dr. Mamdouh G. Salameh tells Sputnik.
Such a spike in oil prices would also:
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Any escalation between Iran and Israel would cause oil prices to increase due to the risk of disruption of the flow of oil and gas from the Gulf region, international oil economist and a global energy expert Dr. Mamdouh G. Salameh tells Sputnik.
“Depending on the length of the disruption it could cause Brent crude oil price to rise to $120-$130 a barrel and reduce global economic growth by 2%-3%,” he predicts.
Such a spike in oil prices would also:
Deal a serious blow to the US economy that is currently reeling from the effect of “Trump’s ill-conceived tariff policy.”
Cause further widening of the US budget deficit
Lead to further increase of the US national debt as the ensuing deterioration of the “US fiscal situation” would likely accelerate “the printing of fiat dollars.”
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