Oil price could surge to $US150 as war engulfs major Middle East supply routes

What happened

The war front expanding in the US-Iran conflict has extended beyond the Strait of Hormuz into the Red Sea. With no sign of de-escalation, there is a higher risk of war pushing oil prices towards $US150 per barrel, even higher than the level it reached during the global financial crisis in 2008.

Summary assembled by rule from the sources below

Sources