LONDON: The blocking of the Strait of Hormuz for another month could push the Brent crude oil price up to $150 per barrel, said Bruce Kasm...
LONDON: The blocking of the Strait of Hormuz for another month could push the Brent crude oil price up to $150 per barrel, said Bruce Kasman, chief economist at JP Morgan.
"A scenario in which the strait remains closed for an additional month would be consistent with oil prices rising towards $150 a barrel and constraints on industrial consumers of energy supply," The Times quoted him as saying.
On March 30, the price of Brent crude futures with June 2026 delivery on the London ICE Exchange broke through the $115 per barrel threshold for the first time since March 19, 2026, but later eased to $112.78.
On February 28, the United States and Israel launched a war against Iran, hitting major cities, including Tehran. The Islamic Revolutionary Guard Corps retaliated with a sweeping attack on Israel. US military installations in Bahrain, Jordan, Iraq, Qatar, Kuwait, the United Arab Emirates and Saudi Arabia were also pummeled.
Iran closed the Strait of Hormuz to ships associated with the United States, Israel and the countries that supported aggression against the Islamic Republic. During the conflict, several tankers were attacked for passing through the strait without Tehran's permission. On March 25, Iranian Foreign Minister Abbas Araghchi said Iran had allowed passage through the Strait of Hormuz to friendly countries, including Russia, India, Iraq, China and Pakistan.
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