Brent crude surged 10% to around $80 a barrel over the weekend, with analysts predicting a potential spike to $100 after US and Israeli strikes on Iran plunged the Middle East into a new war.
The global oil benchmark has rallied this year, reaching $73 a barrel on Friday for its highest since July, driven by growing concerns over potential attacks.
Energy experts warn that the closure of the Strait of Hormuz, through which over 20% of global oil is moved, could lead to prices opening much closer to $100 a barrel and potentially exceeding that level.
OPEC has agreed to raise output by 206,000 barrels per day from April, but analysts say this may not be enough to offset the loss of supply from the Strait's closure, which could reach 8-10 million barrels per day.
Asian governments and refiners are assessing oil stockpiles and alternative shipping routes and supplies, with India potentially turning to Russian oil to make up for potential Middle East supply losses.
