And there could be more hikes in store. These forecasts were completed last week, just before an attack on Iran began and energy prices soared.
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But crucially, it added: "It is unlikely, however, that Iran can successfully and indefinitely impose a blockade on the Strait of Hormuz long enough for Russia to reap long-term benefits from the current surge in oil prices." Just one reason why Ukrainian policymakers are hoping the war in the Middle East does not sustain.