Iran's Actions in Hormuz Strait Cause Oil Price Surge, Expert Says

Oil prices are expected to remain high in the short term, according to Salman Ahmed from Fidelity International during a webinar. According to Jin10, Ahmed highlighted the rigidity in short-term oil demand, suggesting prices may stay elevated. Despite the ongoing Middle East conflict, global central banks have time to address its impacts. He predicts oil prices will hover between $90 and $120, although there is a risk of further increases. This situation may provide central banks with a reason to maintain a cautious stance. Iran's effective blockade of the Hormuz Strait has already led to a significant rise in oil prices, reaching approximately $100.