Oil prices have spiked back over a US$100 with some leading analysts now forecasting the possibility of prices reaching $US120.

Goldman Sachs warns oil could hit $120 as US-Iran attacks threaten Strait of Hormuz shipping, risking a major supply shock and higher energy prices. | Business News

Brent crude oil prices are on track to surpass $100 per barrel for the first time since July

Tanker attacks in Strait of Hormuz spark fears of wider supply disruption

Renewed fighting stokes fears of deeper disruptions

Traders in the financial markets reacted to tensions flaring up in the Middle East.