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Rapidan Energy Group Warns Hormuz Strait Closure Through August Could Trigger 2008-Level Recession

GateNews
Commodities

According to Rapidan Energy Group, if the Strait of Hormuz closure extends through August, the risk of economic downturn could approach the severity of the 2008 recession.

Under the consulting firm's base case scenario assuming the waterway reopens in July, daily crude demand would decline by 2.6 million barrels, and Brent crude spot prices are projected to peak near $130 per barrel during summer.

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