Brent crude could jump to around $90 a barrel if the Strait of Hormuz is closed, according to Citigroup Inc., which added that a prolonged halt to shipping through the crucial waterway would be unlikely.

Goldman Sachs flagged risks to global energy supply amid concerns over a potential disruption in the Strait of Hormuz that would lead to significant spikes in oil and natural gas prices, the bank said in a note dated Sunday.