According to Sim Moh Siong from OCBC Bank's Group Research, a prolonged and near-total closure of the Strait of Hormuz could lead to a petroleum shortfall of approximately 10 million barrels per day. The strategist noted that this projection factors in potential mitigating actions, such as the release of strategic petroleum reserves or alternative shipping routes bypassing the strait through other Middle Eastern nations. He indicated that Gulf oil producers are increasingly compelled to halt output, and these smaller supply disruptions could escalate into significantly larger losses. OCBC Bank has revised its mid-year Brent crude price forecast upward from below $70 per barrel to $100 per barrel. The bank anticipates that Brent crude prices will decline to $70 per barrel by the first quarter of next year. Near-month West Texas Intermediate crude futures increased by 3.9% to $97.16 per barrel, while Brent crude rose by 3.5% to $103.70 per barrel.