Major oil price shock looming as Israel-Iran conflict threatens critical global shipping passage
1. Escalating Israel-Iran conflict could drastically reduce global oil supply. 2. Oil prices may surge to $120 a barrel if shipping routes are threatened. 3. Disruption could affect a third of global seaborne oil trade via the Strait of Hormuz. 4. Strategic petroleum reserves might be tapped if supply issues persist. 5. OPEC+ may increase production in response to Iranian export disruptions.