Oil Prices Likely to Continue Rising

Oil prices could reach $200 per barrel if the conflict around Iran continues until June and the Strait of Hormuz remains closed. This information comes from Bloomberg, which cites analysts from Macquarie Group.

According to the source, the likelihood of such a scenario is estimated at 40 percent. At the same time, there is about a 60 percent chance that the conflict will conclude by March. Analysts believe that if the Strait remains closed for an extended period, oil prices must rise significantly to reduce the historically high levels of global demand.

The closure of the Strait of Hormuz has already led to a sharp increase in the prices of oil and petroleum products. Typically, around 3,000 ships pass through the Strait monthly, transporting about 15 million barrels of oil and 5 million barrels of petroleum products per day.