Global oil prices jumped sharply following US and Israeli attacks in Iran, which have pushed the Middle East into renewed conflict. According to Reuters, Brent crude rose nearly 10 percent in over-the-counter trading on Sunday, reaching around 80 dollars per barrel. Analysts warned that if the current instability continues, crude prices could hit 100 dollars per barrel by Monday.

Ajay Parmar, director of energy and refining at ICIS, told Reuters that any military strike tends to drive oil prices higher, but the key concern now is the potential closure of the Strait of Hormuz. The strait handles about 15 to 20 percent of the world’s total oil, condensate, and petroleum products, and over 30 percent of liquefied natural gas shipments.

Parmar added that if the Strait of Hormuz faces prolonged disruption, oil prices could rise beyond 100 dollars per barrel. The majority of oil transported through the strait goes to Asia, with the rest to Europe, including about 24 percent of China’s total LNG imports.