Blocking of Strait of Hormuz to trigger 'oil shock' - RDIF head

The potential blocking of the Strait of Hormuz by Iran will not spare the United States, triggering a "global oil shock," CEO of the Russian Direct Investment Fund (RDIF) and Special Presidential Representative for Investment and Economic Cooperation with Foreign Countries Kirill Dmitriev said.

"Oil is priced globally. If the Strait of Hormuz is shut, the U.S. won’t be spared. No one is immune from a global oil shock - prices at the pump will [skyrocket]," Kirill Dmitriev said.

Iran’s parliament on Sunday approved the closure of the Strait of Hormuz, but the final decision lies with the Supreme National Security Council.

On Monday, the price of futures contracts of Brent crude oil for August 2025 delivery has risen above $81 per barrel on London’s ICE for the first time since January 20, according to trading data.