Citi Sees Oil at $110 If Hormuz Disruption Lasts Another Month

Oil prices could rise to $110 per barrel if traffic in the Strait of Hormuz remains disrupted for another month, according to Citigroup.

Global crude and product inventory losses from the US war on Iran could rise to an estimated 1.3 billion barrels should the vital shipping route remain blocked for another four weeks, the firm said.