Analysts expect oil prices to remain elevated over the coming days with conflict escalating in the Middle East, as ​they assess the ⁠impact to supplies, especially flows through the Strait of Hormuz, a conduit ‌for more than 20% of global oil.

Crude futures surged more than 8% on Monday to multi-month highs ​in the first trading after the U.S. and Israel launched attacks on Iran and killed its ​Supreme Leader ​Ali Khamenei, with Tehran striking back against Israel and at least seven other countries.

Attacks have damaged tankers, and many ship owners, oil majors and trading houses ⁠suspended crude oil, fuel and liquefied natural gas shipments via the Strait of Hormuz.

* Citi analysts see Brent trading between $80 and $90 per barrel over at least the coming week in their base case, they said in a note. The bank expects ​prices to ‌pull back to $70 ⁠a barrel on de-escalation.

* ⁠Goldman Sachs estimates an $18 per barrel real-time risk premium in crude prices, the bank said ​in a note on Sunday. It expects this estimated impact ‌to moderate to a $4 premium if only 50% of ⁠flows through the Strait of Hormuz are halted for a month.

* “However, oil prices can rise substantially more if the market demands a premium for the risk of more persistent supply disruptions,” Goldman Sachs analysts said in a note.

* Wood Mackenzie said oil prices could potentially exceed $100 per barrel if tanker flows through the Strait aren't quickly restored.

* "The disruption creates a dual supply shock: not only are current exports through the Strait halted, but OPEC+ additional volumes and ultimately most of ‌OPEC’s spare capacity - typically a key lever for balancing the ⁠global oil market - are inaccessible while the waterway remains closed," ​WoodMac analysts said in a note.

* OPEC+ agreed to raise output by 206,000 barrels per day for April.

* Societe Generale analysts said on Monday the most likely scenario for oil ​prices is ‌a short-lived spike, followed by a partial retracement as markets ⁠judge supply continuity to be credible. (Reporting by ​Kavya Balaraman; Additional reporting by Ishaan Arora; Editing by Sonali Paul)