A breakout of oil prices in Asia has left analysts debating whether U.S. crude could see further upside.

Prices are likely to rise substantially if the Strait of Hormuz remains, in effect, closed, market watchers say.

The morning began with the shock of Brent crude, the international standard, briefly rising above $119 per barrel, up from roughly $70 before the war with Iran began.

The American and British military are jointly exploring the issue of resuming shipping in the Strait of Hormuz, CBS reported, citing sources

A breakout of oil prices in Asia has left analysts debating whether U.S. crude could see further upside.