EIA forecasts crude oil prices could rise $20/bbl if Strait of Hormuz remains closed through June
Crypto Briefing
The EIA warns that a prolonged closure of the Strait of Hormuz through June could increase crude oil prices by $20 per barrel.Summary
The U.S. Energy Information Administration (EIA) projects that if the Strait of Hormuz, a critical global shipping channel, remains closed through June, Brent crude prices could surge by $20 per barrel, potentially reaching $125-$130. This closure, driven by regional conflict, threatens to disrupt supply chains for oil-dependent nations and drive up global inflation through increased fuel and manufacturing costs. While the EIA forecasts a potential price stabilization below $90 by 2026, the current volatility highlights the extreme sensitivity of global markets to the security of this vital 21-mile-wide waterway.
(Source：Crypto Briefing)