Strait of Hormuz closure shakes Europe: Oil price forecast soars 46%

“TEHRAN – The European Commission has issued a stark warning that the effective closure of the Strait of Hormuz – triggered by the ongoing war in West Asia – will drive Brent crude prices to an average of $91.2 per barrel in 2026, a staggering 46% jump from previous estimates. The revised forecast, published Thursday in the EU’s Spring 2026 Economic Outlook, signals what officials call the most severe energy shock to hit Europe since the Russia-Ukraine conflict.

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