Brent crude jumped 10 per cent to about $80 US a barrel over the counter on Sunday, oil traders said, while analysts predicted that prices could climb as high as $100 US after U.S. and Israeli strikes on Iran plunged the Middle East into ​a new war.

The global oil benchmark has rallied this ​year and reached $73 US a barrel on Friday for its highest since July, buoyed by growing concern over the potential attacks that arrived a day later. Futures ​trading is closed over the weekend.

"While the military attacks are themselves supportive ⁠for oil prices, the key ⁠factor here is the closing of the ‌Strait of Hormuz," said Ajay Parmar, director of energy and refining at ICIS.