Brent crude oil prices may touch $150 a barrel if military action against Syria sparks a broader regional spill-over and causes supply disruptions in major producers like Iraq, Societe Generale warned.
Under such a scenario, the French bank classified a "significant supply disruption in Iraq or elsewhere" as affecting between 500,000 to two million barrels a day. "Brent could spike briefly to $150" if this materializes, said Michael Wittner, Global Head of Oil research at Societe Generale.
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In the more immediate term, Brent could gain another $5 to 10 a barrel, surging to as high as $125 in the days ahead "either in anticipation of the attack or in reaction to the headlines that an attack had started," Wittner said.