The Globe and Mail reports in its Thursday edition that oil prices jumped to nearly $110 a barrel on Wednesday as Iran attacked its Persian Gulf neighbours' energy infrastructure in retaliation for U.S. and Israeli bombardments, some of which killed senior officials of the Islamic Republic (all figures U.S.). The Globe's Jeffrey Jones and Brent Jang write that Iran has pledged to keep the Strait of Hormuz off limits to most oil and liquefied-natural-gas tankers, and that has prompted a surge in oil prices since the United States and Israel began the war on Feb. 28. As much as 20 million barrels a day normally transits through the waterway. Brent closed the trading session up nearly 4 per cent at $107.38, while West Texas Intermediate was up less than 1 per cent at $96.32 a barrel. Analysts have said prices are likely to march higher with no end in sight to the conflict. "We believe Iran could step up retaliatory attacks on select regional energy infrastructure in the coming days and weeks to push the Trump administration towards a peace agreement negotiation," Scotiabank analysts said. "We think the next move of oil prices could potentially see Brent reaching $150-$200 per barrel in the coming two to three months."