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Strait of Hormuz could remain closed for longer than U.S. and China can sustain exports and imports.
Morgan Stanley warns most market buffers may vanish before the Strait of Hormuz reopens.
KEY POINTS
- If buffers are exhausted, Brent crude prices could spike to $150 per barrel.
- China's reduced crude imports and rising U.S. exports have temporarily offset supply disruptions.
- Morgan Stanley's base case assumes reopening in June with some buffers still intact.
- Goldman Sachs reports global oil inventories are depleting at the fastest rate in eight years.
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