Energy Aspects: Crude oil prices should be $150/barrel

Sen expressed surprise at the market's "complacency" and its tendency to "ignore events on the ground, actual infrastructure damage, and actual disruptions to shipping." She noted that the crisis has extended into the shipping sector, creating an "unprecedented" situation.

This shipping crisis has resulted in a large tanker fleet being tied up in ship-to-ship transfers outside the Strait of Hormuz, pushing global freight rates to record highs and reducing the availability of vessels for other routes. Russell Hardy, CEO of Vitol, the world's largest independent oil trader, described the situation as a "shipping crisis" with "not quite enough shipping to go around."

Despite the ongoing tensions and shipping challenges, crude oil futures prices fell early on Friday in Asian trade. However, Brent crude remained above $100 a barrel and was on track for a weekly gain as attacks on tankers in the Strait of Hormuz have surged in the past week, threatening Middle East oil supply.