Oil jumps 10% on Iran conflict and could spike to $100 a barrel, analysts say

US and Israeli strikes against Iran and the repercussions in the Middle East are expected to send oil prices soaring when markets open, and a prolonged conflict could hit the global economy.



According to analysts expecting a sharp rise in prices into Monday, estimating to rise between $85-$90/ barrel.



That would mark a significant jump in the price of a barrel of Brent - the international benchmark for crude oil, which had gradually factored in a geopolitical risk premium to trade at more than $72 on Friday, compared with $61 at the start of the year.



With the regional turmoil, maritime transport is under threat in the Strait of Hormuz, which handles some 20 per cent of global oil consumption.



In such a situation, insurance costs become prohibitive, and the main shipping companies have already confirmed that they are suspending the passage of their fleets along the route.