Oil at $101 but could Strait of Hormuz crisis push prices to $200?

The escalating Strait of Hormuz crisis due to tensions between Iran and the US raises concerns about oil prices potentially surging to $200. This could significantly impact the global energy market and international trade, with the International Energy Agency deeming the current situation as ‘the biggest crisis in history.’ Recent analysis suggests that a prolonged closure of the Strait could reduce global trade growth by 1.75%.