Oil and gas are likely to rise even further following the US strike on Iran, Goldman Sachs, says, although the key outlook the bank sees for the rest of the year depends on whether there are significant supply disruptions from the region.

If oil flows through the Sea of Hormuz at half the rate for one month and remains 10% lower for another 11, Brent would briefly shoot up to $110 a barrel, analysts said in a note. Should Iranian supply fall by 1.75 million barrels a day, Brent would peak at $90.

The global oil market is trying to understand the likely path of energy prices as the crisis in the Middle East escalates. Crude futures are currently near $79 a barrel, having surged in early Asian trading after the US strike on three Iranian nuclear facilities at the weekend. The Brent subsequently pared some of its gains as real flows so far are unimpeded.