Oil Seen Rising Past $150 If Hormuz Still Closed

Fereidun Fesharaki, Chairman Emeritus of FGE NexantECA, stated on June 11 that oil prices could surge past $150 a barrel if the Strait of Hormuz remains effectively closed by August. Speaking on Bloomberg Television's "Insight with Haslinda Amin," Fesharaki further projected that oil prices might approach $200 a barrel by the end of 2024. This forecast hinges on the continued closure of the Strait of Hormuz, a critical chokepoint for global oil transportation. The potential disruption to supply from this region could lead to significant price volatility in the international oil market. Fesharaki's analysis suggests a substantial upward pressure on crude oil prices under such a scenario, impacting global energy markets and economies.