The other thing that may play havoc with oil prices in the nearish future is the Iranian threat to close the Strait of Hormuz if the U.S. imposes their ban on the export of Iranian oil. While Uncle Sam's Canoe Club has far superior fire power compared to the two Iranian navies, recent history has shown that the U.S. Navy does not perform well when trying to operate in confined or congested waters - and that's when they aren't even getting shot at. A sea war in the Strait would I think be far closer a contest than many think.
Oil Price, page-1119
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