Oil prices could exceed USD 100 per barrel if tanker traffic through the Strait of Hormuz is not swiftly restored, as the waterway's closure threatens to disrupt 15 per cent of global oil supply and 20 per cent of global LNG supply, consultancy Wood Mackenzie said.

Following US and Israeli attacks on Iranian government, military and nuclear facilities, Iran warned shipping away from the strait and insurers withdrew coverage, effectively halting tanker movements.