Fuel prices are under pressure as fears grow oil could surge towards $200 a barrel (Image: Sheldon Cooper/SOPA Images/Shutterstock)
Oil prices could soar to a staggering $200 a barrel amid fears that escalating conflict in the Middle East may choke off one of the world’s most critical energy supply routes. Market analysts are warning that the effective closure of the Strait of Hormuz – through which roughly a fifth of global oil supplies pass – is already pushing crude prices sharply higher and could trigger an unprecedented spike if disruption continues.
Brent crude surged to nearly $120 a barrel on March 9 and has remained above $100 since March 13, following a series of strikes and retaliatory attacks on key oil and gas infrastructure across the region. Shipping traffic through the strategic waterway has largely ground to a halt after Iran declared the strait closed to all but its…
