Aberdeen's Gilhooly says oil could quickly reach $175 per barrel

Robert Gilhooly, Senior Emerging Markets Economist at Aberdeen Investments, says that the continuing war in Iran has put pressure on oil prices, but he expects them to stabilize short-term while the market determines what happens next. If the outlook becomes one where the Straits of Hormuz are closed off to shipments for a longer stretch of time, he says "If things get really bad, you could be talking $175 for a barrel of oil." Gilhooly discusses the investment adage that the first shots of war signal a time to buy, and says that investors likely will see solid opportunities, but that they might want to wait a little longer for more clarity if they didn't jump in with the very first shots.  He also discusses how tensions should be good for income-producing investments like closed-end funds.