Iran's Strait of Hormuz Threat: Expert Warns of Potential Oil Price Spike

The Strait of Hormuz: An Expert Weighs In on the Potential for an Iranian Blockade and Global Oil Prices June 15, 2025, saw the release of an Al Jazeera English video featuring an interview with Ed Hirs, Professor of Energy Economics at the University of Houston. Hirs offered insightful analysis on the potential impact of an Iranian blockade of the Strait of Hormuz, a crucial waterway for global oil transport. He stated that a complete blockade is unlikely, but a partial one is a real possibility. Such an action, Hirs explained, would cause a significant slowdown in the number of oil tankers transiting the strait, leading to a substantial price increase. "If 9 to 10 million barrels were blocked," Hirs noted, "that could drive the price up to well over $120 a barrel." This would translate to a significant increase in gasoline prices for American consumers, potentially doubling to around $8 dollars a gallon, he added. This increase would particularly affect the working class across America, Hirs emphasized. The potential for a sharp price spike, Hirs further explained, could even prompt President Trump to engage the US Navy in retaliation against Iran. The interview provides valuable insight into a complex geopolitical situation and its potential economic ramifications. The potential for conflict and its direct impact on global energy markets make this a story of significant international interest.