Sarah Emerson stated Brent crude could move into the $110-$115 range in the next month, and in an escalation case, easily reach $130-$140 due to supply disruptions. The closure of the Strait of Hormuz has created a significant oil supply disruption, with phase two of the crisis requiring knotted partial solutions that may not fully offset losses. Higher oil prices are likely as the war drags on, with limited near-term catalysts for a decline. A negotiated cease-fire or status quo with safe passage for vessels could alleviate supply constraints.