JPMorgan Chase warns that Brent crude oil prices could spike to $120 per barrel due to a sustained disruption of oil flows through the Strait of Hormuz following recent US and Israeli military action against Iran.

Brent crude oil price hits $82 after war fears. Futures positioning, EMA golden cross, and DXY now decide the next move in oil price analysis.

Retail gas prices move about 2.5 cents for every $1 move in the price of crude oil. U.S. oil rose to about $71.97.

The longer the Middle East remains engulfed in conflict, the higher international crude prices are likely to surge — and that will eventually trickle down

USO and BNO are rated hold, with trading preferred over investing amid heightened Middle East conflict volatility. Read more on USO and BNO ETFs here.

Israel launched a new wave of strikes on Tehran and Iran responded with more missile barrages. Iran has said it has closed navigation through the Strait of Hormuz, prompting Asian governments and refiners to assess oil stockpiles.

Oil prices surge 13% after Iran strikes shut down Strait of Hormuz traffic. Exxon Mobil and Chevron stocks rise on expectations of higher crude prices.

Over the weekend, prices on IG Group’s retail platform jumped, with WTI trading around $75.33 a barrel, roughly 12% above the prior close, while Brent, which settled Friday at $72.48, is now back in “$100 is plausible” territory if the crisis tightens further.