Oil could be driven over $100 a barrel by Iran conflict, analysts warn, as stock markets drop – business live

Rolling coverage of the latest economic and financial news

Oil prices rise as Iran war threatens shipping through strait of Hormuz

Analysts are warning that the US-Israel war with Iran could drive oil prices up to $100 a barrel.

Consultancy firm Wood Mackenzie is warning that higher oil and gas prices are certain, and that oil prices could potentially exceeding $100/barrell if tanker flows through the Strait of Hormuz are not quickly restored.

They say tanker traffic has been effectively halted, after Iran warned shipping away from the waterway and insurers withdrew coverage.