The Economic Times

Oil price alert: Will Strait of Hormuz blockade push oil to hit $215 per barrel amid Middle East tensions?

Oil price forecast 2026: Global oil prices are soaring due to escalating Middle East tensions and threats to the Strait of Hormuz. This vital shipping lane, through which a fifth of the world's oil passes, faces potential closure. Experts warn of prices reaching $215 per barrel if the strait is blocked. This disruption impacts global trade and economies, particularly in Asia.