The closure of the Strait of Hormuz until August would significantly increase the risk of an economic downturn approaching the scale of the 2008 global financial crisis.
The Strait of Hormuz. Photo: Getty Images
The closure of the Strait of Hormuz until August would significantly increase the risk of an economic downturn approaching the scale of the 2008 global financial crisis.
Source: Bloomberg
Details: Under the baseline scenario, the strategic waterway would reopen in July. This would reduce average oil demand by 2.6 million barrels per day, while spot prices for Brent crude would peak at around US$130 per barrel during the summer.
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