Experts react as oil tops $100 amid Strait of Hormuz disruptions

Oil futures have passed $100 a barrel as disruptions in the Strait of Hormuz constrained traffic and several Gulf producers slowed output. Prices have nearly doubled in just over three months, stoking inflation concerns and questions about the outlook for the economy and the stock market.

Ed Yardeni warned markets increasingly fear a replay of the 1970s oil shock, saying the disruption won't end until ships can sail freely through the Strait and pointing to prediction markets that show rising recession odds. Bob McNally called the current supply loss the largest in history by a factor of two and warned there is effectively no spare capacity.

Robin Brooks described markets as being in "full panic mode" but said the upside looks limited and he would not chase the spike. Warren Patterson said the longer flows through the Strait fail to resume, the higher prices are likely to climb, and that even a return of flows will leave production slow to ramp up.

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