JP Morgan Warns Oil Could Hit $120 if Hormuz Stalemate Drags Into July

Oil prices could spike and hit again their peak Iran-war levels at nearly $120 per barrel if a full recovery of vessel traffic through the Strait of Hormuz takes until July, according to JP Morgan. Despite the ceasefire announced earlier this week, traffic through the critical oil chokepoint remains severely restricted and under supervision and approval by Iran's Islamic Revolutionary Guard Corps (IRGC). "The ceasefire has not reopened the Strait of Hormuz, and transit remains tightly controlled," maritime intelligence firm Windward said on Thursday.…