"Brent crude gained 1.6 per cent to $111.57 in early Asian trading, extending a rally that has seen the benchmark surge more than 50 per cent since Iran's effective blockade of the Strait of Hormuz."
"The International Energy Agency has described the strait's closure as the most severe supply disruption in the history of the global oil market, with Brent futures touching nearly $120 a barrel last month."
"Some commodity analysts have gone further still, warning that a prolonged conflict could drive prices as high as $200 a barrel, a scenario that would dwarf the energy shocks of the 1970s."
Oil prices rose above $111 a barrel as diplomatic efforts with Iran stalled, causing anxiety in energy markets. Brent crude increased by 1.6 percent, continuing a rally of over 50 percent since Iran's blockade of the Strait of Hormuz. Iran rejected a US peace proposal and issued a counter-plan. The International Energy Agency warned of severe supply disruptions, with prices potentially reaching $200 a barrel. Stock markets showed uncertainty, with modest gains in Europe and flat performance in the UK and Japan.
Read at Business Matters
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