Global Conditions

National Institute of Economic and Social Research ()

National Institute Economic Outlook, 2025, issue Summer, 5-17

Abstract: The mid‐June Memorandum of Understanding (MoU) between the United States and Iran has created a process for the reopening of the Strait of Hormuz and regularising the flow of tanker traffic through the Strait. Reflecting this, Brent crude oil prices fell from $102 per barrel at the time of our Spring Outlook to $70 per barrel on 2 July and worries about prices spiking to around $150 per barrel have receded.

JEL-codes: E52 F13 F43 H63 (search for similar items in EconPapers)
Date: 2025
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