World Petroleum VP warns of $200 oil due to Hormuz unrest
Oil experts clarified that the Gulf Cooperation Council countries, which hold 33% of the world's oil reserves and contribute 21% of global production, are a key pillar of global energy security. They emphasized that any disruptions in vital energy routes, especially the Strait of Hormuz, could cause oil prices to exceed $200 per barrel, potentially destroying demand and accelerating the shift toward alternative energy sources. They also stressed that maintaining energy market stability is a shared international responsibility.
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