What’s Next for Oil Prices?

Oil prices have held steady below $100 per barrel since the U.S. on Monday initiated a naval blockade to deter Iran-linked ships from passing through the Strait of Hormuz. The three days of calmer oil futures markets so far this week aren’t expected to last long amid the volatile geopolitical situation at the world’s most vital oil shipping lane. The price of oil has the potential to either surge to new highs or slump to pre-war levels, depending on the U.S.-Iran talks, but most of all—on the status of navigability of the Strait…