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Page added on April 29, 2006

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New Oil Shock Ahead as $100 Spike Looms

The growing international crisis over Iran’s nuclear programme could trigger a catastrophic oil price spike, sending crude prices over $100 a barrel, senior Wall Street analysts are warning…


A single political shock could be enough to send oil markets into panic, said Adam Sieminski, senior energy economist at Deutsche Bank in New York. ‘If we have one more big problem we are going to have triple-digit oil prices.’ Sieminski points to confrontation with Iran, a worsening of the situation in Iraq or a recurrence of devastating hurricanes in the Gulf of Mexico as potential catalysts for a major rise.
The Observer



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