Oil Prices May Surge if Strait of Hormuz Closure Persists, Says FGE NexantECA

Energy market consultancy FGE NexantECA has warned that oil prices could soar to $150 or even $200 per barrel if the near-closure of the Strait of Hormuz due to the Iran conflict continues for the next six to eight weeks. According to Odaily, Fereidun Fesharaki, the company's honorary chairman, stated on Tuesday that the disruption could prevent 100 million barrels of oil from passing through weekly, amounting to 400 million barrels monthly. He emphasized that the market would suffer astronomical losses over time. Fesharaki expressed skepticism about the effectiveness of U.S. President Donald Trump's verbal interventions, including comments on potentially ending the conflict. He argued that the "physical reality" of supply disruptions ultimately drives prices. He stated, "As long as the Strait of Hormuz is physically closed, prices will naturally rise, regardless of what Trump says on a political level."