Oil could hit $150 if Hormuz crisis escalates, analysts warn

In March 2026, the flames of war in the Middle East reignited global anxiety in the energy market.

As soon as the news of Iran blocking the Strait of Hormuz broke, international oil prices skyrocketed instantly, News.Az reports, citing foreign media.

Brent crude oil opened with a 13% surge, breaking through $82 per barrel. Some analysts even claimed that if the conflict persists, it's not a dream for oil prices to reach $120 or even $150.

The Strait of Hormuz, a waterway with a narrowest point of only 39 kilometers, carries 20% to 30% of the world's seaborne crude oil.

China's external dependence on crude oil exceeds 70%, and more than 45% of its total imported crude oil comes from the Middle East.

Some people may say, isn't China strong in new energy, wind and solar power? Is there any need to panic?

The problem is: no matter how good wind and solar power are, and no matter how advanced energy storage technology is, there is still one scenario that cannot be replaced - that is the high - temperature heat used in industrial production.

China's heavy industries such as chemical, steel, cement, and glass use a large amount of natural gas and heavy oil as high - temperature heat sources, not just for power generation. Ethylene cracking requires over 800°C, industrial steam requires 300 - 600°C, and coal chemical gasification requires high - temperature catalysis.

Wind and solar power cannot provide industrial heat at all. Although converting electricity to heat is theoretically feasible, it is extremely inefficient and costly. The export temperature of the high - temperature gas - cooled reactor reaches 571°C, which directly matches industrial steam and some chemical processes. This is something that no other renewable energy can achieve.

News.Az 

By Ulviyya Salmanli