" ... implied oil price would be $208/bbl, and if the demand elasticity was 0.1 prices would approach $372/bbl."

The present tranquility will not last.

At this pace, some commercial inventories could fall to minimum operating levels – thresholds below which storage systems can no longer function efficiently – as early as August

Global crude oil prices could surge to as high as $200 per barrel in a worst-case scenario if the Strait of Hormuz remains closed through the end of 2026, according to a report.

Global oil inventories are falling rapidly, leaving prices exposed to further gains if the Strait of Hormuz disruption continues.

" ... implied oil price would be $208/bbl, and if the demand elasticity was 0.1 prices would approach $372/bbl."