"Brent crude hit a record price since the war began on 28 February, surging more than 13% in 24 hours, marking the highest level since 2022."
"US officials hope the blockade will force Iran to cap its oil wells and shutter production once its oil facilities have filled to the brim."
"Oxford Economics warned that a six-month impasse in the strait could send oil prices as high as $190 by August, indicating severe market impacts."
"Paul Krug stated that a full-on global recession is more likely than not if the strait remains closed for another three months, which seems all too possible."
Brent oil prices rose above $126 a barrel, the highest since 2022, following Donald Trump's warning about a prolonged US blockade of Iranian ports. The price increased over 13% in 24 hours, marking the highest level since the war began on February 28. The blockade aims to pressure Iran to limit oil production. Analysts predict that a prolonged closure of the Strait of Hormuz could lead to prices reaching $190 by August, with potential global recession risks if the situation continues.
Read at www.theguardian.com
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