Following the escalation of the conflict in the Middle East, energy analysts and investment banks expect oil prices to surge this week to $90 with chances of hitting $100 per barrel if disruptions to traffic in the crucial Strait of Hormuz persist. Early on Monday in Asian trade, oil prices had already spiked by 10% to above $80 per barrel Brent. Seeing the scale of the conflict and the already disrupted traffic through the Strait of Hormuz, analysts expect further spikes at least this week. Citigroup expects Brent Crude to trade in…
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