Oil prices could drop to $70 by year-end if Iran war ends: Economist

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Cedric Chehab, chief economist at BMI, says investors are waiting for the “green light” to go “all in” the markets. He expects oil prices are likely to remain elevated over the near term due to demand and supply imbalances. However, he thinks they could drop to $70 by the end of the year if there is a resolution to the Iran conflict.