Lates News

Citigroup said that if the Strait of Hormuz is blocked, Brent crude oil could surge to around $90 per barrel. However, the bank also pointed out that the shipping of this vital waterway is unlikely to be suspended for a long period. "Any blockage 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 the blockade will be short-lived because all parties will make efforts to reopen it, so it should not be a closure lasting for months."