Hormuz blockade: "Oil prices could soon reach a new all-time high"

The situation in the Middle East threatens to escalate further. Energy expert Johannes Rauball warns of serious consequences and explains how the price of oil could fall again.

March 15, 2026, 8:02 p.m

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Article summary

The Strait of Hormuz is closed and the oil market is in turmoil. Iran is using the blockade as a means of pressure, prices could rise to up to $200 per barrel. Transport bottlenecks and increased freight costs are making the situation worse. An escalation in the Gulf region could lead to a new high in oil prices. The impact on the global market is already being felt; consumers have to prepare for rising fuel prices and inflation.

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Johannes Rauball is a senior oil market analyst at data provider Kpler. The company analyzes energy and raw material flows worldwide and, among other things, evaluates ship movements.

THE TIME: The Strait of Hormuz has been closed for more than two weeks. Mr Rauball, at what point does the blockade really become critical for the global oil market?

Johannes Rauball: That’s hard to say. We are in an extraordinary situation. The blockage of the Strait of Hormuz leads to strong fluctuations in the Oil price. Iran is using the blockage as leverage to drive up prices and put political pressure on the US. Iran has signaled that it believes oil prices of up to $200 a barrel are possible.