JP Morgan predicts oil price rise to $150 if Strait of Hormuz remains closed for another month

(Patria) - A blockade of the Strait of Hormuz for another month could push the price of Brent crude oil to $150 per barrel, said Bruce Kasman, chief economist at JP Morgan.

"A scenario in which the strait remains closed for another month would be consistent with oil prices rising towards $150 per barrel and limitations for industrial energy consumers," he was quoted by The Times.

On March 30, the price of Brent crude oil futures for June 2026 delivery on the London ICE exchange broke the $115 per barrel mark for the first time since March 19, 2026, but later fell to $112.78.

On February 28, the United States and Israel launched a war against Iran, hitting major cities, including Tehran.

The Islamic Revolutionary Guard Corps retaliated with a comprehensive attack on Israel.

US military installations in Bahrain, Jordan, Iraq, Qatar, Kuwait, the United Arab Emirates, and Saudi Arabia were also attacked.
Iran closed the Strait of Hormuz to ships associated with the United States, Israel, and countries that supported the aggression against the Islamic Republic.

During the conflict, several tankers were attacked for passing through the strait without Tehran's permission.

On March 25, Iranian Foreign Minister Abbas Araghchi stated that Iran had allowed passage through the Strait of Hormuz to friendly countries, including Russia, India, Iraq, China, and Pakistan, TASS reported.