Issam Chalabi was Iraqi Oil Minister between 1987 and 1989 . And whether Iran blocks the Strait of Hormuz or they retaliate by attacking some oil installations in the region , then you have 18 or 20 million barrels a day off the market . Future demand for oil , he says , will be spurred by growth in India and China . Tension between Turkey and Iran will not have effect on oil prices , he adds . But if U.S. takes military action against Iran , oil prices could surge .
Issam Chalabi was Iraqi Oil Minister between 1987 and 1989 . Future demand for oil , he says , will be spurred by growth in India and China . Tension between Turkey and Iran will not have effect on oil prices , he adds . But if U.S. takes military action against Iran , oil prices could surge .