OIL PRICES GOING CRAZY?! IS IRAN ABOUT TO CAUSE ANOTHER CATASTROPHE??

Is It All Just Fearmongering?

Alright alright settle down chat. Asmongold here ready to dive into the latest oil price rollercoaster. So apparently crude oil futures took a little nosedive after a big spike because everyone's freaking out about Israel and Iran possibly throwing hands. West Texas Intermediate is down Brent's down... it's all down! But is this just another case of 'Don't you guys have phones?' and overreacting?

The "I" Word

The reason for the panic? Word on the street or rather NBC News is that Israel is considering going rogue on Iran even without Uncle Sam's backup. And you know what that means... *war*. The U.S. State Department is pulling non essential folks from Iraq and the Pentagon's telling military families to bounce from the Middle East. It's like that scene in a movie where everyone knows things are about to go south but they're still ordering popcorn at the concession stand.

Iran's Got Jokes

But wait there's more! Iran's defense minister decided to add fuel to the fire (literally) by threatening to hit U.S. bases if a fight breaks out. This is where the oil market starts sweating bullets. If this escalates we're talking gas prices that'll make you wanna sell your car and buy a bicycle... a *used* bicycle. I have been saying how I want to purchase a lambo but not at these gas prices! Its bad enough when Zack is driving.

$120 Oil?! You Gotta Be Kidding Me!

According to some JP Morgan fancy pants if Iran shuts down the Strait of Hormuz we could see oil prices skyrocket to $120 a barrel or higher. The Strait of Hormuz is like the I 95 of oil tankers and about 30% of the world's seaborne oil goes through there. Shut it down and suddenly everyone's paying out the nose to fill up their gas guzzling trucks. However its very unlikely Iran closes it off due to all the historical events but we can't take anything for granted.

The Strait of Hormuz Never Closed or Just Not *Yet*?

Now here's where it gets interesting. JP Morgan also says the risk of Iran actually blocking the Strait of Hormuz is low. Apparently despite all the threats and tough talk throughout history that waterway has stayed open. So are we all worked up over nothing? Is this just another case of 'fake news' designed to manipulate the markets? Or is this the big one? This is a developing story we will all see how it goes.

Final Thoughts

Look the oil market's always a gamble. One minute you're up the next you're down. The important thing is to stay informed don't panic and maybe start investing in a good electric scooter. You know just in case. As always thanks for tuning in and remember: Stay bald and stay based.