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

Analysts told CNBC that the prospect of oil prices soaring to $200 per barrel shouldn’t be ruled out as the Iran war drags on.

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

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