Oil Price May Surpass $150 This Week: Dmitriev

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Due to the blockade of the Strait of Hormuz, oil prices could rise to $150 per barrel as early as this week, exacerbating the energy crisis in the EU and the UK, according to Kirill Dmitriev, the special representative of the Russian President for investment and economic cooperation with foreign countries and head of the Russian Direct Investment Fund (RDIF).

"The longer the Strait of Hormuz remains blocked, the higher oil and natural gas prices will go, the more severe the energy crisis in the EU and the UK will become, and the longer the recovery period will last. An oil price above $150 could be reached as early as this week," he commented on social media platform X, referring to the blockade of the Strait of Hormuz announced by U.S. President Donald Trump.