Here's how high the price of oil could go if conflict broke out with Iran

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In an area responsible for the shipment of one-third of the world's seaborne oil, just how high could military confrontation — or indeed, an outright war — send the price of crude?

"I think that $100 per barrel is ambitious," Stephen Brennock, an oil analyst at PVM Oil Associates in London, told CNBC via email on Tuesday.

He pointed out that the oil market has "more or less shrugged off" the disappearance of a further 500,000 barrels per day of Iranian oil since Washington terminated its sanctions waivers in May.

 

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Replacement cost of oil. With compound interest of 0.01% is over a trillion $ a barrel

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