#Hürriyet։ "Oil prices will rise if Iran closes the Strait of Hormuz"

Oil prices could rise to $130 per barrel if Iran decides to close the Strait of Hormuz, the Turkish newspaper Hürriyet reports.

Tehran is considering closing the Strait of Hormuz after Israel’s attacks on Iran, Esmail Kusari, a member of the Iranian parliament’s National Security and Foreign Policy Committee, said on June 14.

“If Iran closes the Strait of Hormuz, there are fears that oil prices will rise to $120-130. 20% of the world’s oil supplies pass through the Strait of Hormuz, and 80% of Iran, Saudi Arabia and the United Arab Emirates’ oil and liquefied natural gas (LNG) trade is carried out through the Strait of Hormuz,” the newspaper reports.

The publication suggests that the conflict between Israel and Iran will continue for some time. "The impact of the war on the economy depends on how long these attacks continue and whether they intensify or not. If the war continues, there are fears that it will have a devastating impact on the economy. However, if the war ends within 14 days, as planned, the impact on the economy will be limited," the newspaper writes.