Global Oil Surges 10% on Iran Conflict; Analysts Warn Prices Could Hit $100 a Barrel
Global oil prices surged sharply after US and Israeli strikes on Iran escalated tensions in the Middle East, with analysts warning crude could approach or exceed $100 per barrel if disruption to key shipping routes continues.
Brent crude jumped 10 percent to around $80 a barrel in over-the-counter trading on Sunday, according to oil traders, as markets reacted to the growing conflict. Energy analysts said the main driver behind the rally is the potential closure of the Strait of Hormuz, a critical artery through which more than 20 percent of global oil supply passes.
