New Delhi, March 13 -- Global crude oil prices could surge to as high as USD 150 per barrel if the Strait of Hormuz remains closed for the next four to eight weeks, according to a report by Nuvama.

The report highlighted that the continued closure of the Strait of Hormuz (SoH), which handles around 20 million barrels per day (mbpd) of oil flows, could significantly tighten global supply and push crude prices into the range of USD 110-150 per barrel within four to eight weeks.

It added that the disruption has already slowed maritime traffic in the region to a near halt, tightening the global crude balance. The market had initially priced in a disruption of about two weeks, but expectations are now shifting toward a longer outage.

Accord...