Heightened geopolitical risks and market fears of a looming supply shock pushed oil prices to their highest level in May in nearly four years. However, an oil expert says that these are short-term blips, and that there are plenty of options for oil producers to ease price hikes.
New U.S. sanctions that may hit Iranian oil exports and plunging Venezuelan crude production have raised fears of global supply disruptions, sending prices above $80 a barrel in May. Some even speculated that oil prices would jump to and probably beyond $100 per barrel next year.
