Strait of Hormuz closure risks recession similar to 2008
pre-market1 source ↓written by the desknot a recommendation
- may drop
- 2.6 million barrels per day
- per barrel
- $130
The closure of the Strait of Hormuz through August could lead to an economic downturn comparable to the Great Recession of 2008, warns Rapidan Energy Group. If the strait reopens in July, oil demand may drop by 2.6 million barrels per day, with Brent crude prices potentially peaking near $130 per barrel this summer. Continued disruptions could trigger a decline in global oil consumption by 2026, impacting market stability.
Not investment advice. For informational purposes only.