Oil drilling rigs
Brent crude could jump to around $90 a barrel if the Strait of Hormuz is shut, according to Citigroup Inc. 
“Any closure of the Strait could lead to a sharp price spike,” analysts including Anthony Yuen and Eric Lee wrote in a note, citing the bank’s current bullish case scenario.
This is due to the strategic importance of the Strait of Hormuz, which accounted for more than a quarter of global seaborne oil trade last year and in the first quarter of 2025.
Any disruption to Iranian crude exports could have a smaller price impact than expected, according to Citigroup. The country’s shipments have been falling and Chinese refineries are buying less, the bank said.
Oil drilling rigs
Brent crude could jump to around $90 a barrel if the Strait of Hormuz is shut, according to Citigroup Inc.
“Any closure of the Strait could lead to a sharp price spike,” analysts including Anthony Yuen and Eric Lee wrote in a note, citing the bank’s current bullish case scenario.
This is due to the strategic importance of the Strait of Hormuz, which accounted for more than a quarter of global seaborne oil trade last year and in the first quarter of 2025.
Any disruption to Iranian crude exports could have a smaller price impact than expected, according to Citigroup. The country’s shipments have been falling and Chinese refineries are buying less, the bank said.
