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International Business Times UK
International Business Times UK
Jim Manzon

Oil Prices Could Hit $200 as Experts Warn Hormuz Closure Past Mid-April Triggers Full-Blown Global Fuel Crisis

Oil United States Donald Trump Iran IEA Strait of Hormuz
Oil prices have surged nearly 60% in March alone, with fuel costs rising for drivers, commuters, and households worldwide. (Credit: Engin Akyurt/Unsplash)

Oil prices are on track for their largest monthly surge on record as analysts warn the global fuel crisis triggered by the Strait of Hormuz closure will get dramatically worse if the waterway isn't reopened within weeks.

Brent crude has soared nearly 60% in March, closing at $112.78 (£85.43) a barrel on Monday and surging past $115 (£87.11) in early Tuesday trading after an Iranian drone struck a fully loaded Kuwaiti oil tanker at Dubai Port.

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