Industry Odisha Bureau, April 7: With no let up in sight to the ongoing tussle between US-Israel and Iran aggravated by the blockage of critical chokepoint Strait of Hormuz, the forecasts on the future surge in prices of crude oil have been frightening as well as making the hackles of one and all rise globally.
As per media reports, the forecasts on the oil prices range from $250 to $372 per barrel the more the conflicts get escalated and irate Iran’s retaliatory blockage of Hormuz stay put infinitely.
US President Donald Trump has further issued warnings to Iran that his defence forces would now pound on Iran’s power facilities, bridges and other pivotal infrastructures. Hence, the Hormuz blockage could continue further.
Besides, Iran’s loyal ally and warmongering Houthis have reportedly warned that they would further block the Red Sea routes for oil transportations. If this yet another critical chokepoint gets disrupted like the Hormuz, the already nagging issue now being at a worse stage would turn out to be the worst globally.
As per media reports, Nobel Prize-awarded economist Paul Krugman in his Substack article has predicted that crude oil prices could “go up to $372 per barrel” if the scenario of disruptions peaks to its pinnacle.
Similarly, media reports quoted CNBC host Jim Cramer opining that the oil prices “could touch $250 per barrel by the third quarter of fiscal year-2026-27” if the Persian Gulf standoff persists, while S&P Global Energy chief Dave Ernsberger predicts it to be “$200-250 per barrel”.
Also Read: Hormuz Hurdle: Trump Tells Oil-Needy Nations To Muster Courage To Grab Or Buy US Oil
