On March 30, TASS news agency quoted Mr. Bruce Kasman - chief economist of JP Morgan, the largest financial group in the US and world leader in investment banking services - giving noteworthy comments on the energy market.
He believes that the blockade of the Strait of Hormuz for another month could push Brent crude oil prices sharply up to the threshold of $150 per barrel. According to Kasman, this scenario will cause major restrictions on energy-consuming industrial customers and put pressure on the global economy.
The above forecasts were made in the context of major fluctuations in world oil prices. In the trading session on March 30, Brent oil for June 2026 delivery on the London exchange officially surpassed the threshold of 115 US/barrel for the first time in many weeks before adjusting to 112.78 USD.
The situation began to become tense since February 28 when the US and Israel officially launched a large-scale military campaign targeting Iran. A series of key cities, including the capital Tehran, have suffered fierce airstrikes.
In response, the Iranian Islamic Revolutionary Guard Corps (IRGC) launched large-scale attacks targeting Israeli territory as well as US military bases in Bahrain, Jordan, Iraq, Qatar, Kuwait and the United Arab Emirates (UAE).
In an effort to respond to military actions, the Tehran government decided to completely close the Hormuz Strait to ships related to the US, Israel and countries supporting the Iran offensive campaign.
During the recent conflict, many oil tankers have been attacked for deliberately crossing this strait without permission from Iran.
The Strait of Hormuz is considered the nucleus of the world's energy industry, so the prolonged blockade is directly threatening the global oil supply chain.
However, Iran still left some exceptions open for its strategic partners. On March 25, Iranian Foreign Minister Abbas Araghchi affirmed that his country had allowed ships from friendly countries, including Russia, India, Iraq, China and Pakistan, to pass through the Strait of Hormuz.
Despite these priorities, the shortage of supply from other markets is still pushing energy prices to record highs, forcing major consumer countries to face an unprecedentedly high cost problem.
