The escalating war involving the United States, Israel and Iran has triggered a sharp spike in global crude oil prices over the past two weeks. The conflict has raised fears of disruptions to vital energy transport routes, particularly the Strait of Hormuz, a critical corridor for global oil shipments.

Before the US-Israel strikes began on Iran, crude oil was at around USD 73 per barrel on February 27. Since then, prices have surged, reaching close to USD 103 per barrel by March 14. The jump represents an increase of around USD 30 per barrel, marking a rise of more than 40 per cent in just over two weeks.

The war started on February 28, when US and Israeli forces carried out strikes on Tehran. The attacks resulted in the death of Iran’s Supreme Leader, Ayatollah Ali Khamenei, further intensifying the geopolitical crisis and escalating tensions across the region.

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Global Markets Bracing For Impact

This sharp rise in prices reflects growing concerns about disruptions to global energy supplies as conflict in West Asia escalates. Market experts believe that developments related to the conflict will continue to influence global markets in the coming days.

The coming week is expected to be highly volatile, said Ponmudi R, CEO of Enrich Money, according to news agency ANI. He added that investors will closely monitor geopolitical developments, which will impact crude oil prices, global bond yields, and currency market volatility.

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Will Crude Oil Go Up To USD 150?

As per ANI, Kaynat Chainwala, Assistant Vice President, Kotak Securities, said Global crude oil prices could rise to USD 120 per barrel in the near term and potentially reach USD 150 per barrel if the Iran war lasts more than a month.

Chainwala said the ongoing unrest in the Strait of Hormuz is affecting oil supplies. The International Energy Agency's strategic reserves of 400 million barrels can only cover 20 days of lost supplies. This will be insufficient if the blockage persists for a longer period.