0820 GMT - Brent crude could rise up to $120 a barrel in the short term in the event of a successful blockade of the Strait of Hormuz, ING's Warren Patterson says. "An effective blocking of the Hormuz would lead to a dramatic shift in the outlook for oil, pushing the market into deep deficit," according to the head of commodity strategy. "This would leave governments having to coordinate a release of oil from strategic petroleum reserves." A prolonged disruption lasting through year-end could push Brent even toward $150 a barrel, Patterson says. The international oil benchmark edges 0.6% lower to $76.54 a barrel after rising around 3% earlier in the session. (giulia.petroni@wsj.com)

(END) Dow Jones Newswires

June 23, 2025 04:22 ET (08:22 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.