Hormuz Stalemate Raises Risk of $120 Oil

Source Summary

Oil traders face competing scenarios as negotiations between the U.S. and Iran continue without resolution. Months of talks, Iranian tanker attacks, U.S. blockades on Iranian oil exports, and mutual threats of strong responses have caused volatile oil price swings. The ongoing war and potential disruption of oil flows through the Strait of Hormuz contrast with hopes that a U.S.-Iran deal could release millions of barrels of oil and refined products currently trapped in the Persian Gulf.