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50% rise in oil prices?

If Iran were to follow through with its threat to blockade the Strait of Hormuz, a vital transit route for almost one-fifth of the oil traded globally, the impact would be immediate: energy analysts say the price of oil would start to soar and could rise 50 per cent or more within days.

world Updated: Jan 06, 2012 00:17 IST

If Iran were to follow through with its threat to blockade the Strait of Hormuz, a vital transit route for almost one-fifth of the oil traded globally, the impact would be immediate: energy analysts say the price of oil would start to soar and could rise 50 per cent or more within days.

An Iranian blockade by means of mining, airstrikes or sabotage is logistically well within Tehran’s military capabilities. But despite rising tensions with the West, Iran is unlikely to take such hostile action, according to most Middle East political experts. NYT