JPMorgan Chase: Strait of Hormuz Unlikely to Reopen This Month; Oil Could Surge to $150 if Blockade Continues

According to JPMorgan Chase on June 2, the probability of the Strait of Hormuz reopening within June is extremely low, with current oil prices already pricing in overly optimistic expectations. Brent crude is currently trading near $95 per barrel. The bank's strategy report warns of significant upside risk: if the blockade persists, oil prices could surge to $130-$150 per barrel, while downside risks remain limited. A market "dramatic reaction" would be needed to push conflicting parties back to the negotiating table.
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