The price of Brent oil has surged sharply, following disruptions in navigation through the Strait of Hormuz.
According to Reuters, the Brent quote on the over-the-counter market climbed by 10% on Sunday, reaching approximately 80 dollars per barrel, according to oil traders.
Analysts warn that the price increase could continue. The Director for Energy and Refining at ICIS, Ajay Parmar, estimates that when the stock markets reopen on Monday, the price could rise significantly, approaching 100 dollars per barrel or even exceeding this level, if the blockages in the strait persist.
In turn, the analyst from RBC, Helima Croft, stated that Middle East leaders have warned Washington that an open conflict with Iran could push the oil price over the threshold of 100 dollars.
And the analysts from Barclays also maintain that this scenario is possible, in the event of a regional escalation.
The Strait of Hormuz is one of the most important maritime routes for global oil transport, and any disruption of traffic has an immediate impact on international markets.