If the current intensity of military operations between the US and Iran continues and there is no progress in unblocking the Strait of Hormuz, world oil prices could reach $95 to $120 a barrel in the second half of the year, according to analysts at Bank of America, AP reports.

Maintaining oil prices at this level is possible only on condition that shipping through the Strait of Hormuz remains blocked. And if the escalation damages a major energy infrastructure in the Middle East, the price of oil could reach up to $150 a barrel.

Meanwhile, Bank of America's analysts have increased their oil price forecast for the second half of the year to $83 a barrel “in light of more persistent disruptions to Hormuz.”