ING's Singapore-based head of commodities, Warren Patterson, was asked during a recent webinar what it would take for Brent crude to exceed $120 a barrel. His answer was "not much," warning that prices could soar well into triple-digit territory if the Strait of Hormuz remains blocked through August and threats to Red Sea shipping intensify.
Patterson's warning about disruptions at the Strait of Hormuz and the Bab el-Mandeb Strait echoes concerns voiced across commodity desks this week: the longer these critical chokepoints remain impaired, the greater the upside risk to Brent, WTI, and fuel prices at the pump.
Fresh Houthi announcement, which muddles the waters a bit.
— Javier Blas (@JavierBlas) July 24, 2026
Paraphrasing: No closure of the Bab el-Mandeb strait; blockade only targets "the Saudi side," but that leaves unclear whether it includes (or not) foreign vessels lifting Saudi crude (or only Saudi oil tankers). https://t.co/tXsrjfQ4HK
Strait of Hormuz Crossings
Bab el-Mandeb Crossings
The latest signs of trouble in the southern Red Sea come from a READ MORE AT SOURCE »
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