HSBC expects Brent oil prices to spike to above $80 per barrel to factor in a higher probability of a Strait of Hormuz closure, but to again recede if the threat of disruptions does not materialise, it said on Monday.

About a fifth of the world’s total oil consumption passes through the strait.

“If supplies are not disrupted, prices should trend down by the fourth quarter as OPEC+ brings back volumes and demand drops,” the bank said.
Source: Reuters