Home Blog World News Middle East crisis live: Iran warns US blockade of strait of Hormuz would violate ceasefire | US-Israel war on Iran
Middle East crisis live: Iran warns US blockade of strait of Hormuz would violate ceasefire | US-Israel war on Iran

Middle East crisis live: Iran warns US blockade of strait of Hormuz would violate ceasefire | US-Israel war on Iran


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Michael Lynch, distinguished fellow at the Energy Policy Research Foundation, estimates Donald Trump’s threatened blockade could boost oil prices by $5 to $10 a barrel.

The blockade would take an estimated 2 million barrels of oil per day off the market, and the Iran war has already taken roughly 10 million barrels per day out of supply, Lynch said.

“This is a pretty big insult to a pretty big injury, I guess, is the way to put it,” he said.

But Lynch said the blockade might be short-lived as Trump will be pressured to walk it back.

“I wouldn’t be surprised to see him to give it up by midweek, especially if oil prices keep going up,” he said.

Brent crude oil, the international standard, has gone from roughly $70 per barrel before the war in late February to more than $119 at times.



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