Experts warn oil prices could reach $150 per barrel if Strait of Hormuz remains closed

London (Web Desk): Energy experts have warned that if the Strait of Hormuz is closed, global oil prices could surge to $150 per barrel.

Speaking to Al Jazeera, expert Ed Hirs said that US and Israeli military actions against Iran are disrupting oil supplies, potentially driving fuel prices even higher.

Hirs explained that if even half of the oil passing through the Strait of Hormuz is blocked, there would be an immediate spike in global prices.

Already, liquefied natural gas prices have increased by over 40% in a single day, and gas prices in European countries have doubled.

Countries dependent on gas are now purchasing more petroleum products, affecting future orders.

The ripple effects are expected to impact the United States as well, increasing domestic political pressure and posing challenges for Donald Trump ahead of the midterm elections.