[44770] Oil prices soar following the blockade of the Strait of Hormuz and escalation with Iran

A sharp surge in oil prices following the crisis in the Strait of Hormuz

Global markets are experiencing significant volatility with the rise of Brent crude oil prices above the $120 per barrel threshold, a level not seen since June 2022. The sharp rise is mainly attributed to the ongoing blockade of the Strait of Hormuz and the increasing tension between the United States and Iran. Rerum Novarum (which takes a negative stance toward Iran and Hamas) reported that oil prices rose by over 7% in a single day.

Speaker of the Iranian Parliament, Mohammad Bagher Ghalibaf, blamed President Trump for the situation, claiming that the US administration's policy "pushed oil prices to $120" due to the naval blockade, while warning that "the next station is $140," as reported in Watcher Guru.

On the other hand, DD Geopolitics, a channel that often presents a narrative critical of Western policy, notes that US Congress members failed to receive clear answers from Secretary Hegseth regarding the effectiveness of the blockade on Iranian ports. The channel added that Russia is expected to earn approximately $40 billion as a result of the escalation of the conflict in the Middle East.

Future forecasts are not encouraging: the CEO of Shell stated that the energy shortage is expected to last for many long months and perhaps even reach 2027, according to BITCOIN & CRYPTO POST. Analysts at BloombergNEF estimate that if the straits remain blocked, the price of a barrel could soar to $160, a figure that disproportionately affects developing countries.