Iran blocks the Strait of Hormuz, causing oil transit volume to plummet to 5%, with oil prices skyrocketing from $67 per barrel to $120, ultimately stabilizing at $95. Iran warns that if the deadlock escalates, oil prices could reach $200 per barrel, which would threaten the global economy, push up essential commodity prices, and potentially trigger market turmoil.
Iran blocks the Strait of Hormuz, causing oil transit volume to plummet to 5%, with oil prices skyrocketing from $67 per barrel to $120, ultimately stabilizing at $95. Iran warns that if the deadlock escalates, oil prices could reach $200 per barrel, which would threaten the global economy, push up essential commodity prices, and potentially trigger market turmoil.