Asks if oil appropriately priced for strikes and risk of Hormuz closure.
Avril Hong
Jorge Leon
Surprised by price reaction; expected Brent above $85-$90. Price is ~$80, a 10% increase, but already up 30% in months prior.
Asks if formal Hormuz closure means $100+ oil.
Avril Hong
Jorge Leon
If disruption lasts more than a few days/weeks, $100 per barrel scenario is possible.
Asks if OPEC+ can cushion the impact.
Haidi Stroud-Watts
Jorge Leon
Not many levers for OPEC+. Most additional barrels need to pass through Hormuz, limiting impact of hikes.
Asks about US SPR use.
Avril Hong
Jorge Leon
SPR is a lever for extended crisis. This is a textbook energy crisis, justifying its use.