Oil Prices Soar 10% Amid Iran Conflict, Could Hit $100 a Barrel

• Brent crude jumped 10% to $80 a barrel after US and Israeli strikes on Iran sparked a new Middle East war.
• Analysts predict oil prices could climb to $100 a barrel, especially if the Strait of Hormuz closes.
• The Strait of Hormuz, crucial for over 20% of global oil, has seen suspended shipments due to Tehran's warnings.
• Closure of the Strait could lead to a loss of 8-10 million bpd of crude oil supply, even with alternative routes.
• OPEC+ agreed to a modest output increase of 206,000 bpd from April, representing less than 0.2% of global demand.