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A closure of the Strait of Hormuz through August could trigger an economic downturn approaching the scale of 2008, according to Rapidan Energy Group. The The firm’s base case assumes reopening in July, with oil demand down 2.6 million barrels a day a

2026-05-22

A closure of the Strait of Hormuz through August could trigger an economic downturn approaching the scale of 2008, according to Rapidan Energy Group. The The firm’s base case assumes reopening in July, with oil demand down 2.6 million barrels a day and Brent peaking near $130 this summer. A longer disruption could deepening supply deficits, potentially driving a rare global oil demand contraction in 2026. Rapidan said oil prices have nearly doubled since late February amid war-related disruptions, warning that further spikes could amplify macroeconomics vulnerabilities despite less oil-intensive economies and stronger monetary policy frameworks.

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US Treasury auction for the 8 weeks ending May 21 - bid-to-cover ratio 2.77, compared to 2.72 previously.

US Treasury auction for the 8 weeks ending May 21 - bid-to-cover ratio 2.77, compared to 2.72 previously.
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