Rapidan Energy president Bob McNally warned that even if the Strait of Hormuz reopens soon, oil prices could remain high into September and US consumers should prepare for sustained summer fuel costs. He said market shock absorbers, including the US Strategic Petroleum Reserve, are being rapidly drawn down; EIA data show oil supplies fell by 7.9 mln barrels in the week to June 5. McNally cautioned that absent a durable US‑Iran agreement, oil could spike to around $115/bbl and US gasoline prices

Rapidan Energy president Bob McNally warned that even if the Strait of Hormuz reopens soon, oil prices could remain high into September and US consumers should prepare for sustained summer fuel costs. He said market shock absorbers, including the US Strategic Petroleum Reserve, are being rapidly drawn down; EIA data show oil supplies fell by 7.9 mln barrels in the week to June 5. McNally cautioned that absent a durable US‑Iran agreement, oil could spike to around $115/bbl and US gasoline prices could reach about $5/gal, and he estimated the conflict has cost more than 1 bln barrels of oil. The Strait of Hormuz carries roughly one‑fifth of global oil flows; its reopening is viewed as key to ending the largest recorded oil disruption.