Citigroup: If the Strait of Hormuz is interrupted for another month, oil prices will reach $110 According to a report by Golden Finance, on April 21st, Citigroup stated that if the navigation obstruction in the Strait of Hormuz continues for another month, oil prices may rise to $110 per barrel. The company stated that if this critical shipping route continues to be blocked in the next four weeks, the global crude oil and refined oil storage losses caused by the US war with Iran are expected to rise to 1.3 billion barrels. The company said that even with the signing of a ceasefire extension agreement this week and the gradual resumption of cross-strait navigation and crude oil production throughout May, the total global crude oil and refined oil storage is expected to decrease by about 900 million barrels. This includes 500 million barrels already lost, as well as an expected further loss of 400 million barrels due to delayed production ramp up and conflict related damages. Citigroup also stated that if the Strait of Hormuz were to be interrupted for another two months, it could result in a loss of approximately 1.7 billion barrels and push oil prices up to $130 per barrel. However, Citigroup predicts that even if the conflict ends this week, global crude oil and fuel inventories will still fall to their lowest level in 8 years by the end of June. The company said that rebuilding these inventories, even if the market can quickly recover to a daily oversupply of 1 million barrels after the conflict ends, may still take more than two years.