Crude can jump to $150 per barrel, analysts say as no clear end in sight for the Iran war

[AP Photo]

With no clear end in sight to the war involving Iran, oil prices surged yesterday, pushing Brent crude briefly above $100 per barrel and sending global stocks lower. Analysts warn prices could climb much higher if the conflict escalates further.

Although stock markets slid again, the real action was in the oil market. Brent crude, the international benchmark, rose as high as $101.59 overnight before easing slightly to $99.50 – still an 8.1 percent jump.

Markets remain worried that the conflict could disrupt oil production and shipping in the Persian Gulf, a critical artery for global energy supplies. Any prolonged interruption could trigger a surge in inflation worldwide, raising costs for businesses and households alike.

Iran has stepped up attacks in recent days, targeting oil fields and refineries.

Energy agencies are scrambling to cushion the impact. The International Energy Agency said its member countries are prepared to release a record 400 million barrels of crude from strategic reserves.

But analysts caution that such measures would only offer temporary relief. If the Strait of Hormuz were blocked for an extended period, oil prices could jump to as high as $150 per barrel.