It is being reported that Iran is seriously considering closing the Strait of Hormuz.  We don’t know how high the price of oil will go if that happens, because it has never happened before.  Of course I think that it would be safe to assume that the price of oil would rapidly surpass the $100 mark, and if it stays there for an extended period of time that would be enough to push us into a recession all by itself.  But if the price of oil were to surpass the $200 mark and stay there, I believe that could be enough to actually push us into an economic depression.  Shockingly, as you will see below, there is one official in the Middle East that is convinced that the price of oil could go up to $300 a barrel if Iran closes the Strait of Hormuz.  Needless to say, that would be a nightmare scenario.

The post $100? $200? $300? – How Catastrophically High Will The Price Of Oil Go When Iran Closes The Strait Of Hormuz? was first published by Michael Snyder on The Economic Collapse Blog and is republished here with his permission. Please support his efforts.