A slew of workarounds is keeping crude oil below $100 a barrel, defying many of the industry’s grimmest forecasts For decades, oil traders, executives and analysts warned that closing the Strait of Hormuz would be a global economic catastrophe. A slew of workarounds is keeping crude oil below $100 a barrel, defying many of the industry’s grimmest forecasts. (Bloomberg) For decades, oil traders, executives and analysts warned that closing the Strait of Hormuz would be a global economic catastrophe.