The conflict, which began with an Israeli attack against Iran on June 13, has sent oil prices yo-yoing, which has in turn caused see-saw moves for the U.S. stock market, because of rising and ebbing fears that the war could disrupt the global flow of crude. Some analysts think Iran is unlikely to close down the waterway because the country uses it to transport its own crude, mostly to China, and oil is a major source of revenue for the regime. “If the Strait of Hormuz was completely shut down, oil prices would rise to $120 to $130 a barrel,” said Lipow, predicting that that would translate to about $4.50 a gallon at the pump and hurt consumers in other ways.
Author: Associated Press
Published at: 2025-06-22 22:46:22
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