Gate News reports that on March 31, energy market consulting firm FGE NexantECA stated that if the near-closure of the Strait of Hormuz caused by the Iran conflict persists for the next six to eight weeks, oil prices could soar to $150 or even $200 per barrel. The company’s honorary chairman, Fereidun Fesharaki, pointed out: “If 100 million barrels of oil cannot pass through each week, then 400 million barrels cannot pass through each month. Over time, the losses the market suffers will be astronomical.” Fesharaki expressed skepticism about the effectiveness of Trump’s verbal interventions (including comments about potentially ending the conflict), believing that what ultimately drives prices is the “physical reality” of the Strait of Hormuz being physically closed. He stated: “As long as the Strait of Hormuz is physically closed, prices will naturally rise. No matter what Trump says politically, it will be of no use.”
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