Oil May Rise to $150 If US Goes Ahead With Blockade, Onyx Says

Oil prices should be much higher than current levels if the US goes ahead with a planned naval blockade of the Strait of Hormuz, according to a veteran oil market executive.Author of the article:You can save this article by registering for free here. Or sign-in if you have an account.(Bloomberg) — Oil prices should be much higher than current levels if the US goes ahead with a planned naval blockade of the Strait of Hormuz, according to a veteran oil market executive. Subscribe now to read the latest news in your city and across Canada.Subscribe now to read the latest news in your city and across Canada.Create an account or sign in to continue with your reading experience.Create an account or sign in to continue with your reading experience.Brent crude surged above $103 a barrel on Monday after weekend talks between Washington and Tehran failed to reach a deal, escalating a global energy crisis that’s shaken markets. US forces will begin implementing the blockade, which applies to all vessels entering or departing Iranian ports, from 10 a.m. New York time Monday.“The number we saw this morning — $103; 8% increase — is not reflective at all of what could happen if the US really decides to go with this interdiction,” Onyx Capital Group Managing Director Jorge Montepeque said on Bloomberg Television, “It really makes no sense. It should be $140, $150.”Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.The US blockade would transform a regional fight into potentially a global fight, with a supply loss of up to 12 million barrels a day, Montepeque said. Traders found it “too crazy” for both sides of the strait to be blocked, hence the relatively calm price reactions during the Asian session, he added. “This is, in one word: demented,” Montepeque said in an interview with Haslinda Amin. “It makes no sense what the US is doing because they are so focused on Iran that they are losing sight of what they are causing to the world. And the pain is in Asia, the pain is in the South Pacific, the pain is in anybody that depends on oil.” Oil prices may be around $100 a barrel for rest of the year if Trump dials back some of his actions, according to Montepeque.—With assistance from Weilun Soon.Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information.365 Bloor Street East, Toronto, Ontario, M4W 3L4© 2026 Financial Post, a division of Postmedia Network Inc. All rights reserved. Unauthorized distribution, transmission or republication strictly prohibited.This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.You can manage saved articles in your account.and save up to 100 articles!You can manage your saved articles in your account and clicking the X located at the bottom right of the article.