Wild Oil Price Forecasts: Some Predict $350 if Strait of Hormuz Is Blocked

Talk of a possible disruption to traffic in the world's most vital oil cargo lane, the Strait of Hormuz, resurfaced as markets and traders are awaiting the next move in the Israel-Iran standoff. An Iranian blockade, or an attempt at such, of the narrow strait between Oman and Iran connecting the Persian Gulf with the Gulf of Oman and the Arabian Sea could easily send oil prices soaring above $100 per barrel and reaching all-time highs, analysts say. However, these same analysts see a Strait of Hormuz disruption as a low-probability event—for…