'Oil Prices Could Average $120/bbl If Hormuz Closed for Six Months' - Fitch Ratings

Fitch Ratings has projected that oil prices could average $120 per barrel if the Strait of Hormuz is closed for six months. This scenario highlights the potential impact on global oil supply and prices due to geopolitical tensions in the region. The analysis emphasizes the strategic importance of the Hormuz Strait in the oil market.