Brent crude rose above $103 a barrel after weekend US–Iran talks failed, with
escalation fears over a planned US naval blockade of the Strait of Hormuz,
according to Onyx Capital Group Managing Director Jorge Montepeque. He said
current prices do not reflect potential disruption and argued oil could rise to
$140–$150 if the blockade is fully implemented. The proposed measure would
restrict vessels entering and leaving Iranian ports and could escalate the
conflict into a global energy shock, with potential supply losses of up to 12
million barrels per day. Montepeque said traders have so far seen limited price
reaction due to skepticism that both sides of the strait would be fully closed,
though Brent still jumped about 8% to above $103, and could remain near $100 for
the rest of the year if tensions ease.
