JPMorgan: Brent Crude Oil Prices Could Surge Above $100 Per Barrel

Odaily News JPMorgan's commodities team stated that crude oil exports passing through the Strait of Hormuz have dropped to 4 million barrels per day, compared to the usual export volume of 16 million barrels per day.

JPMorgan indicated that even if passage through the Strait of Hormuz is obstructed for just 3-4 weeks, it could force Gulf Cooperation Council member states to shut down oil production and push Brent crude oil prices above $100 per barrel. (Jin10)