Citigroup said that if the Strait of Hormuz were to be blocked, oil prices could skyrocket to $90.

Citi said that if the Strait of Hormuz is blocked, Brent crude oil prices may soar to around $90 per barrel. However, the bank also pointed out that it is unlikely for the key waterway's shipping to be halted for a long period. "Any blockade of the Strait of Hormuz could lead to a significant spike in oil prices," analysts Anthony Yuen and Eric Lee wrote in a report. "But we believe that the blockade should be short-lived, as all parties will make efforts to reopen it, so it should not be closed for several months."