Traders Warn $100 Oil Is Imminent If Iran War Keeps Raging

A week into one of the biggest ever disruptions to global energy markets, oil prices still remain far below levels seen in previous crises. But a growing chorus of energy executives and traders is warning that every day that war rages on brings the world closer to a tipping point — with several predicting $100 crude within days.

Ship traffic through the Strait of Hormuz has all but halted — making reality what had long been considered a worst-case scenario for the energy markets. The number of empty oil supertankers in the Gulf is running out, hastening the moment when more production will have to be curtailed.