A Prolonged Hormuz Closure Could Send Crude to $140 As U.S.-Iran Deal Remains Elusive

Source: International Business Times

Prices remain far below the surge above $100 a barrel last month and the peak of more than $110 reached in May, but analysts say the relative calm may become increasingly difficult to sustain. Mario Tama/Getty Images Oil prices are edging higher as hopes for a swift reopening of the Strait of Hormuz fade, raising the risk that a prolonged disruption to one of the world's most important energy routes could send crude sharply higher. Prices remain far below the surge above $100 a barrel last month and the peak of more than $110 reached in May, but analysts told CNBC the relative calm may become increasingly difficult to sustain.