The president of the Gasoline Retailers Association, Luis Rafael Gueits, opined that after the closure of the Strait of Hormuz, the price of oil could reach $100 a barrel.

“Basically, we would be talking about an increase of 14 to 15 cents per liter at the pump,” said the businessman.

He clarified that this will not happen overnight, because the price might rise by $5 or $10 a barrel tomorrow, and gradually increase over the next couple of days if the strait is not reopened.

Therefore, the effect will be seen in several weeks.

Gueits emphasized that the price of oil is already hovering around $80.00 a barrel and that, should the conflict continue, as predicted by US President Donald Trump, it could climb to $100, with a direct impact on gasoline and diesel prices in Puerto Rico.

Brent crude rose nearly 8 percent in the morning, approaching $80.00 a barrel, driven by uncertainty surrounding the Strait of Hormuz, a key maritime route through which approximately 20 percent of the world’s oil passes.

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