Oil prices to hit new highs due to Strait of Hormuz closure
The Strait of Hormuz is expected to remain largely closed for months, leading to oil shortages and higher prices.
The closure is due to ongoing tensions in the region, with the U.S. conducting self-defense strikes in southern Iran.
The U.S. military targeted Iranian missile launch sites and vessels placing mines around the Strait of Hormuz, further escalating the situation.
As a result, oil prices are expected to rise, with some predictions suggesting they could hit new highs this summer, potentially exceeding $120.