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| If this lasts it could be potentially far worse than 1979. In 1979 the Iranian revolution disrupted 4%-7% of world wide production causing oil to jump to double in price.
Currently 8-10% of world wide oil production is disrupted with spot price of crude doubling already.
Even if this cease fire hopefully holds. High price of crude will have a economic and inflationary ripple that will be felt through the entire year. | |
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