If the Strait of Hormuz remains closed through April, oil prices could surge to $150 per barrel, ana

Macquarie: Oil Bottom at $85–$90 if Iran Tensions Cool—But $150 Still in Play if Strait Stays Shut

Oil's path hinges on the Strait of Hormuz. Macquarie says Brent could find a floor around $85–$90 if tensions with Iran ease. But if the strait—which moves about 20% of global oil—stays closed through April, prices could still rip to $150. The range is wide, and the trigger is waterborne.