This appreciation for the European benchmark crude is related to the possibility of the closure of the Strait of Hormuz. However, the source reports that these prices will fall again if the threat of disruptions does not materialize.

About a fifth of global oil consumption passes through the strait.

The bank stated that if supply is not interrupted, prices will tend to decline in the fourth quarter as the Organization of the Petroleum Exporting Countries and its allies (OPEC+) recovers volumes and demand declines.

HSBC Holdings plc, better known as HSBC, is a British multinational banking and financial services company headquartered in London, United Kingdom.

It is the eighth-largest bank in the world by assets and the second-largest in Europe, behind BNP Paribas.

It has subsidiaries such as The Hong Kong and Shanghai Banking Corporation. It was founded by Thomas Sutherland on March 3, 1865, in Hong Kong, and currently has more than 266,000 employees.

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