The economist predicted a sharp rise in oil prices due to the closure of the Strait of Hormuz.
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- The economist predicted a sharp rise in oil prices due to the closure of the Strait of Hormuz.
The closure of the Strait of Hormuz will lead to a sharp increase in oil prices, which will seriously affect the global economy, the cost of a barrel may exceed $100, Maxim Chirkov, associate professor of the Department of Economic Policy and Economic Measurements at the State University of Economics, told Izvestia on June 23.
Earlier, on June 22, MP Ismail Kousari said that the Iranian parliament considers it necessary to block the Strait of Hormuz after the US strikes on the Islamic Republic's nuclear facilities.
"In case of closure of the Strait of Hormuz, oil prices will rise at least above $100 per barrel. Again, experts in the West, in Iran, are calling much higher figures than $100," he said.
According to the expert, Russia will be in an advantageous position, as it remains a major exporter of hydrocarbons. However, the impact on the Russian economy will be limited due to a gradual decrease in its dependence on oil and gas revenues.
"The European Union [the EU] will have the hardest time. If oil prices rise sharply, it will be a disaster for the EU — it will be the equivalent of 2022, when European economies lost about a trillion dollars due to rising energy prices," the expert stressed.
The United States, despite its status as the largest oil producer, will also face problems.
"The American economy is heavily dependent on the cost of fuel, and rising prices will hit the transportation sector and consumers. But the United States will suffer less than Europe, as they have their own energy resources," Chirkov concluded.
Earlier, US Vice President Jay Dee Vance said that the potential closure of the Strait of Hormuz could turn into economic suicide for Iran. He stressed that the strait is of critical importance for the economy of the Islamic Republic.
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