The price of crude oil could hit a dramatic $133.91 in the next few days, according to forecast by broker LiteFinance.
It comes as the fragile ceasefire between the US and Iran is on the verge of collapse following a direct naval confrontation in the Gulf of Oman.
President Donald Trump announced on Sunday that the US Navy successfully intercepted and seized the Iranian-flagged cargo ship Touska after it allegedly attempted to breach an American naval blockade.
While the US is dispatching a delegation led by Vice President JD Vance to Islamabad, Pakistan, for a second round of peace negotiations, Iranian state media has rejected the invitation.
Tehran has condemned the seizure of its vessel as an “armed robbery” and a violation of the existing truce, vowing to keep the Strait of Hormuz closed until the U.S. lifts its maritime siege.
The ceasefire is due to expire this Wednesday – and Tehram and Washington still seem miles away from a peace deal.