Citigroup: Strait of Hormuz disruptions could push Brent to $120
Citigroup is sounding the alarm: if disruptions in the vital Strait of Hormuz continue, Brent crude oil prices might soar to $120 per barrel.
This narrow waterway handles nearly one-fifth of the world's oil shipments, so any trouble here has global ripple effects.
Recent conflicts involving the US Israel, and Iran have already shaken things up. Even though President Trump suggested a quick fix might be possible (which briefly calmed prices), worries about ongoing instability are not going away.
Brent crude dips to about $111
Oil prices have been bouncing around: Brent crude dipped slightly to about $111 per barrel, while US and Indian markets saw small shifts, too.
NATO is reportedly considering escorting ships if things get worse.
Citigroup analysts warn that people might still be underestimating just how much these supply risks could shake up energy markets worldwide, so everyone is keeping a close eye on what happens next.