Bank of America says the spike to $120 a barrel is a short-term top and expects Brent crude to consolidate in a higher $90–$110 range while warning that fresh headlines could drive prices back toward $134–$150.Amin Nasser, chief executive of Aramco, warns that a prolonged closure of the Strait of Hormuz risks a catastrophic collapse in global oil markets as tankers cluster off Fujairah and Saudi exports reroute through an east‑west pipeline to the Red Sea, with roughly 20 million barrels a day removed at the peak and Aramco boosting pipeline shipments to about 7 million barrels a day while tapping unsustainable storages.Brent briefly rose above $119 before retreating to about $84–$85, US pump prices average near $3.54 per gallon according to
AAA, and markets from the
FTSE 100 to the
DAX react as
G7 ministers ask the
IEA to prepare emergency stock scenarios while politicians and analysts weigh releases and retail impacts.