Analysts and businesses are concerned that the Iran war could drag on for months and have devastating economic consequences.
Goldman Sachs told investors that it assumed oil flows through the Strait of Hormuz would remain at 5% of normal levels for six weeks before a slow recovery; Qatar Airways sent 20 of its largest aircraft to storage in Spain, as it prepared for months of disruption.
A group of executives told CNBC that the worst could be yet to come: If the Strait is not opened within two weeks, they predicted oil prices up to $175 a barrel. Whatever happens, a prolonged period of high prices is coming, said The Economist: “Even the best-case scenario for energy markets is disastrous.”
