{"id":73349,"date":"2026-04-01T20:48:38","date_gmt":"2026-04-01T20:48:38","guid":{"rendered":"https:\/\/site.itshrt.com\/worldnews\/how-high-could-oil-and-gas-prices-go-if-the-strait-of-hormuz-remains-closed\/"},"modified":"2026-04-01T20:48:38","modified_gmt":"2026-04-01T20:48:38","slug":"how-high-could-oil-and-gas-prices-go-if-the-strait-of-hormuz-remains-closed","status":"publish","type":"post","link":"https:\/\/site.itshrt.com\/worldnews\/how-high-could-oil-and-gas-prices-go-if-the-strait-of-hormuz-remains-closed\/","title":{"rendered":"How high could oil and gas prices go if the Strait of Hormuz remains closed?"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<\/p>\n<div id=\"\">\n<p>President Trump&#8217;s\u00a0<span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/live-updates\/iran-war-gas-price-4-dollar-gallon-oil-trump-isfahan-desalination-plant\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">comments to reporters<\/a><\/span>\u00a0on Tuesday that he expects the U.S. to end its war with Iran in <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/live-updates\/iran-war-gas-price-4-dollar-gallon-oil-trump-isfahan-desalination-plant\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">two or three weeks<\/a><\/span>\u00a0is buoying investors by easing global oil prices and boosting stocks. Yet such optimism is certain to fade quickly unless Iran agrees to reopen the\u00a0<span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/strait-of-hormuz-iran-oil-prices-us\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">Strait of Hormuz<\/a><\/span>\u00a0soon, according to economists, who warn that crude prices could continue to soar even if the Trump administration moves to wind down military operations in the region.\u00a0<\/p>\n<p>&#8220;The scary scenarios are, unfortunately, extremely plausible. It&#8217;s not at all hard to tell a $150 [per barrel] story, and it&#8217;s not crazy to go to $200,&#8221; Nobel Prize-winning economist Paul Krugman told CBS News.<\/p>\n<p>U.S. gasoline prices, which are tied to the global price of oil, would likely keep climbing above $4 if the strait remains closed, according to Bernard Yaros, lead U.S. economist at Oxford Economics. The average cost of gas rose on Wednesday to <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/gas-prices-4-06-trump-address-iran-war\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">$4.06 a gallon<\/a><\/span>, its highest level since August 2022.\u00a0<\/p>\n<div>\n<div style=\"min-height:565px\" id=\"datawrapper-vis-FinjE\"><img decoding=\"async\" src=\"https:\/\/datawrapper.dwcdn.net\/FinjE\/full.png\" alt=\"Gas prices over time (Line chart)\"\/><\/div>\n<p> <amp-iframe width=\"100\" height=\"100\" layout=\"responsive\" sandbox=\"allow-scripts allow-same-origin\" resizable=\"\" src=\"https:\/\/datawrapper.dwcdn.net\/FinjE\/\">  <\/amp-iframe><\/div>\n<p>President Trump is scheduled to\u00a0<span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/trump-iran-war-update-primetime-address-wednesday\/\" data-invalid-url-rewritten-http=\"\">address Americans on the Iran war<\/a><\/span>\u00a0on Wednesday night. Energy experts said oil and gas prices will likely move in response to his remarks.\u00a0<\/p>\n<p>&#8220;If the president just foregoes providing clarity or resolution on the Strait of Hormuz, we&#8217;re going to continue to see oil prices reacting to the reality,&#8221; said Patrick De Haan, a petroleum expert at GasBuddy.<\/p>\n<p>In the near term, the average U.S. price of gas could also edge up to between $4.12 and $4.15 per gallon, he predicted.\u00a0<\/p>\n<p>But &#8220;if the president says good things tonight, then that $4.12 to to $4.15 would likely represent a short-term price peak. And then the national average could start falling,&#8221; De Haan said.\u00a0<\/p>\n<p>Mr. Trump said earlier Wednesday that Iran wants a ceasefire, but he&#8217;s made it clear he could end U.S. operations in the region\u00a0<span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/live-updates\/iran-war-trump-nato-tehran-threatens-us-tech-companies-strait-of-hormuz\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">without reopening the strait<\/a><\/span>, leaving other countries to deal with Tehran&#8217;s control of the critical shipping lane.<\/p>\n<h2>Slowdown in the strait<\/h2>\n<p>Since the beginning of the Iran war in late February, more than\u00a0<span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/trump-iran-war-strait-of-hormuz-oil-tankers-ships-present\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">70% of all ships<\/a><\/span>\u00a0transiting the Strait of Hormuz have either been owned by or linked to Iran, or sailing between Iranian ports, according to Lloyd&#8217;s List Intelligence, a maritime insights provider.\u00a0<\/p>\n<p>Normally, 20 million barrels of oil flow through the strait daily. That volume has been reduced by as many as 16 million barrels since the war began.\u00a0<\/p>\n<figure class=\"embed embed--type-image is-image embed--float-none embed--size-medium\">\n<p>      <span class=\"img embed__content\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets1.cbsnewsstatic.com\/hub\/i\/r\/2026\/03\/01\/63de1a8d-6786-4077-9a85-0a8f0c1c9994\/thumbnail\/620x620\/8a47e8ff6f7e640a2c84c162239965bf\/gettyimages-2263545776.jpg#\" alt=\"Strait of Hormuz map \" height=\"620\" width=\"620\" class=\" lazyload\" srcset=\"https:\/\/assets1.cbsnewsstatic.com\/hub\/i\/r\/2026\/03\/01\/63de1a8d-6786-4077-9a85-0a8f0c1c9994\/thumbnail\/620x620\/8a47e8ff6f7e640a2c84c162239965bf\/gettyimages-2263545776.jpg 1x, https:\/\/assets3.cbsnewsstatic.com\/hub\/i\/r\/2026\/03\/01\/63de1a8d-6786-4077-9a85-0a8f0c1c9994\/thumbnail\/1240x1240\/c8d458efaf3ee8247ff3f284c0fa31f7\/gettyimages-2263545776.jpg 2x\" loading=\"lazy\"\/><\/span><figcaption class=\"embed__caption-container\">\n<p>                  <span class=\"embed__caption\">The Strait of Hormuz is a crucial passageway for oil shipments from Gulf states.<\/span><\/p>\n<p>                  <span class=\"embed__credit\"><\/p>\n<p>                Bedirhan Demirel\/Anadolu via Getty Images<\/p>\n<p>                          <\/span><br \/>\n              <\/figcaption><\/figure>\n<p>Because there are no direct substitutes for oil and demand for crude is &#8220;inelastic,&#8221; as economists say, a prolonged closure of the narrow waterway would drive oil prices well beyond their recent highs of around $120 a barrel, Krugman said.\u00a0<\/p>\n<p>The economist also points to two key factors that he said would influence the price of crude if the strait remains shut: the volume of oil that could traverse the Persian Gulf, and how purchasers of crude would respond to potentially much higher oil prices.<\/p>\n<h2>Risks for consumers<\/h2>\n<p>Bridget Payne, head of oil and gas forecasting at investment advisory firm Oxford Economics, expects oil prices to rise above $150 a barrel within weeks if the strait remains too dangerous to navigate. That would mean higher energy prices for consumers.<\/p>\n<p>&#8220;At the speed we&#8217;re seeing prices grow, the pass-through impact on consumer prices becomes a lot worse the longer oil supply stays offline,&#8221; Payne told CBS News.<\/p>\n<p>Although moves by the Trump administration to <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/gas-oil-prices-iran-war-trump\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">boost oil supplies<\/a><\/span>\u00a0during war have shielded the U.S. from even sharper hikes in fuel prices, such efforts will become less effective over time, she added. &#8220;It&#8217;s no match for the scale that goes through the strait. It doesn&#8217;t come anywhere near touching how much has been lost.&#8221;<\/p>\n<p>Roughly a fifth of the world&#8217;s oil and natural gas supply passes through the Strait of Hormuz daily.<\/p>\n<div>\n<div style=\"min-height:497px\" id=\"datawrapper-vis-FrwMp\"><img decoding=\"async\" src=\"https:\/\/datawrapper.dwcdn.net\/FrwMp\/full.png\" alt=\"Oil prices, per barrel (Line chart)\"\/><\/div>\n<p><amp-iframe width=\"100\" height=\"100\" layout=\"responsive\" sandbox=\"allow-scripts allow-same-origin\" resizable=\"\" src=\"https:\/\/www.datawrapper.de\/_\/FrwMp\/?v=28\">  <\/amp-iframe><\/div>\n<p>Matt Bernstein, oil and gas analyst at Rystad Energy, thinks oil prices are likely to remain elevated even if the U.S. moves quickly to start pulling its forces out of the region.\u00a0<\/p>\n<p>&#8220;Even if the conflict did wind down in the next couple of weeks and that strait gradually reopened, what&#8217;s starting to become clear is there is no going back to pre-war normal,&#8221; Bernstein told CBS News, pointing to the higher geopolitical and financial risks around trade in the Gulf.<\/p>\n<p>If the Strait of Hormuz &#8220;remains de facto closed and [oil] supply is still constrained, we&#8217;d be in a situation where there is no downward pressure on oil prices,&#8221; he added.<\/p>\n<section class=\"content__body--footer\">\n<p class=\"content__meta--editors\">\n      Edited by<\/p>\n<p>                                  <a href=\"https:\/\/www.cbsnews.com\/team\/alain-sherter\/\" class=\"byline__author__link\" data-invalid-url-rewritten-http=\"\">Alain  Sherter<\/a>\n                      <\/p>\n<\/section>\n<p>  <!-- data-recirc-source=\"chartbeat\" --><\/p>\n<aside class=\"component list recirculation component--type-recirculation  component--type-recirculation-collection\">\n<div class=\"component__item-recirc-block\">\n<p><h3 class=\"component__title\">Go deeper with The Free Press<\/h3>\n<\/p><\/div>\n<\/aside>\n<section class=\"content__body--footer\">\n      <!-- tags --><\/p>\n<section class=\"content__tags\">\n<p class=\"content__tags__label\">In:<\/p>\n<\/section>\n<\/section><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.cbsnews.com\/news\/iran-war-strait-of-hormuz-closed-oil-gas-price\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Trump&#8217;s\u00a0comments to reporters\u00a0on Tuesday that he expects the U.S. to end its war with Iran in two or three<\/p>\n","protected":false},"author":1,"featured_media":73350,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[1057,6344],"class_list":["post-73349","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money-watch","tag-oil-and-gas","tag-strait-of-hormuz"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How high could oil and gas prices go if the Strait of Hormuz remains closed? - World News<\/title>\n<meta name=\"description\" content=\"&amp;quot;The scary scenarios are, unfortunately, extremely plausible&amp;quot; if the critical Persian Gulf waterway stays effectively sealed, economist Paul Krugman said.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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