Oil just broke $100 a barrel — and one of Wall Street's top strategists says the real number to fear is $148.
That's not a random guess.
That's the 2008 all-time high.
And Helima Croft, head of global commodity strategy at RBC, thinks the world could blow past it.
Here's why.
Three chokepoints. Three wars. One barrel of oil caught in the middle.
This is the artery of global oil.
Iran let a U.S. deal to keep it open collapse this year.
Now it wants control back.
Iran's Houthi allies just declared a maritime embargo on Saudi Arabia.
They opened fire on two Saudi tankers this week.
The twist? Saudi Arabia had been rerouting oil through the Red Sea to dodge the Hormuz danger.
There's nowhere left to hide it.
One shipping expert called it a "no-way-out" scenario for tankers.
Ukraine says it has hit more than 150 vessels tied to Russia's shadow fleet.
The fallout:
Russia — one of the world's biggest diesel exporters — has now banned fuel product exports entirely.
Brent already jumped over 30% in July alone.
The 2022 Ukraine-invasion spike topped out at $128.
Croft's warning: if this escalates into full regional war, we don't just retest that number.
We blow through the 2008 record.
Three separate conflicts.
One shared bottleneck.
And a global economy that just realized oil doesn't need one crisis to spiral — it can have three at once.
That's all for now!
