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The Economic Times
The Economic Times
Business

Crude oil prices could hit $200 per barrel if Strait of Hormuz remains closed: Report

Oil Strait United States Wood Mackenzie Strait of Hormuz Recession

Global crude oil prices could rise to $200 per barrel in the worst-case scenario if the Strait of Hormuz remains closed, warned a report from Wood Mackenzie.

Global energy markets have been on edge since the start of the Iran war in February. Oil prices have shot up, sending shockwaves across the globe as worries mount around higher inflation and interest rate hikes.

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