Oil prices face sudden $150 spike after vital route shuts
The Strait of Hormuz is closed to tankers after a peace deal between Donald Trump and President Masoud Pezeshkian collapsed. Physical oil prices have reached $150 as Kuwait halts production and Gulf exporters prepare force majeure declarations. Global inventories are dropping at a record pace.
What changed
Reports now confirm physical prices have reached $150 and Kuwait has shut in production.
Live updates
-
Oil Prices Hit $150 Following Strait of Hormuz Closure
confidence 95%The Strait of Hormuz is closed to tankers after a peace deal between Donald Trump and President Masoud Pezeshkian collapsed. Physical oil prices have reached $150 as Kuwait halts production and Gulf exporters prepare force majeure declarations. Global inventories are dropping at a record pace.
What's confirmed:
- The Strait of Hormuz is closed to tankers.
- A peace deal signed on June 17 between Donald Trump and Iranian President Masoud Pezeshkian collapsed after three days.
- Physical oil prices have reached $150.
- Kuwait has shut in production.
- Technical talks between the US and Iran were scheduled for Sunday, June 21 in Switzerland.
Still unconfirmed:
- US fuel stocks have fallen to multi-year lows.
-
Oil Prices May Hit $150 Following Strait of Hormuz Closure
confidence 80%Oil traders expect a price surge after the Strait of Hormuz was disrupted. The closure follows the collapse of a peace deal signed on June 17. Market instability is fueling global inflation fears.
What's confirmed:
- Oil prices face a potential spike to $150.
- The Strait of Hormuz is disrupted.
- A peace deal between Trump and Iranian President Masoud Pezeshkian was signed on June 17.
Still unconfirmed:
- Goldman Sachs suggests oil flows in Hormuz may only recover to 70% after the war.
- The peace deal lasted only three days before Iran's military command acted.
- The crisis is sparking a pipeline boom in the Middle East.
- Control of the Strait remains uncertain after a 60-day deal.