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Oil prices are likely to rise in response to a US blockade of the Strait of Hormuz, worsening already-slowed oil shipments.
"If we have a blockade, we're still going to have the problem of about 7 million barrels of crude oil being held back, 4 million barrels of product not being exported. And we just added to that by taking Iranian barrels off the market," Karen Young, a senior fellow at Columbia University's Center for Global Energy Policy, told CNN on Sunday.
Young warned that "it could be a long time from now" before oil prices fall, even after the war ends, noting that prices will not fall further until the strait is reopened and damaged oil facilities are repaired.
" These are big variables that are really, really unresolved. So I think for now and through the end of 2026, we're probably going to have high oil prices ," she said.
The price of Brent crude, the international benchmark, closed at just above $95.20 a barrel on Friday, up more than 31% since the start of the Iran war in late February. The price of U.S. crude closed at $96.57 a barrel on Friday, up more than 44% since the start of the war.
High oil prices will also have ripple effects on fuel and food in the U.S., as high price levels are global. The war has also disrupted supply chains, including materials used for fertilizer and the creation of food packaging, which will push prices higher.
“ We’re going to start to see that inflationary pressure… think about everything you buy in a retail store, big box ,” Young said.
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