Oil could hit $150 amid Gulf shutdown, Wood Mackenzie says

War in Iran is currently cutting Gulf oil and oil products supply to the ​market by some 15 million barrels per ‌day (bpd), which could raise crude prices to $150 per barrel, research and consultancy firm Wood Mackenzie said.

Iran's ​Revolutionary Guards have vowed not to let ​any oil out of the Middle East until ⁠U.S. and Israeli attacks cease.

WoodMac said: "Gulf countries in ​total produce 20 million bpd of liquids, and ​15 million bpd of exports have been taken out of the global market"

"Global oil demand of 105 million bpd ​will still have to fall to balance the ​market and in our view, that will require Brent to ‌push ⁠up at least to $150 per barrel in the coming weeks"

"In our view, $200 per barrel is not outside the realms of possibility in 2026."

Europe faces ​particularly acute ​challenges, with ⁠Gulf refineries supplying 60% of its jet fuel and 30% of its ​diesel

"Much will depend on how long ​the war ⁠lasts, how long the Strait of Hormuz remains closed, and if the U.S. Navy can ensure ⁠safe ​passage of vessels by escorting ​shipping"

Even after the conflict ends, ramping up supply will not be ​swift.