JP Morgan Predicts Oil Price Surge if Hormuz Stalemate Persists
JP Morgan has warned that oil prices could reach $120 per barrel if the current stalemate in the Strait of Hormuz continues into July. Despite a recent ceasefire, vessel traffic through this critical oil chokepoint remains heavily restricted, controlled by Iran's Islamic Revolutionary Guard Corps. The market is hopeful that upcoming Iran-U.S. negotiations might ease the situation, but significant risks remain. Analysts expect a gradual restoration of normal oil flows, with full recovery potentially delayed until July, which could drive prices up by $15 to $20 per barrel. Currently, oil prices are trading between $95 and $97 per barrel. 
