&lsquo Sky is the limit&rsquo : Analysts warn oil prices could surge further

• Energy analysts warned that there was no limit for oil prices as they rose in response to the war in the Middle East.
• &ldquo There is no precedent for this. The sky is the limit,&rdquo Neil Atkinson, former head of oil at the International Energy Agency, told CNBC on Monday.
• The war is heightening fears of prolonged production shut-ins from crude-rich countries in the Middle East, as the strategically vital Strait of Hormuz is effectively closed.
  
  Analysts warned on Monday that there was no precedent for the surging price of oil, as the  Middle East crisis  deepens fears of prolonged production shut-ins and disruption to shipments through the  strategically vital Strait of Hormuz.
  
  Oil prices were on track for their biggest-ever jump in a single day on Monday, before significantly paring gains, following a  fresh wave of U.S. and Israeli strikes  across Iran over the weekend. Oil depots were among the targets.
   
  
  
  International benchmark  Brent crude futures  with May delivery traded 12.8% higher at $104.53 per barrel on Monday morning, while U.S.  West Texas Intermediate futures  with April delivery were last seen nearly 12% higher at $101.76.
  
  Brent futures had climbed as high as $119.5 per barrel earlier in the trading day, while WTI hit a session high of $119.48.
  
  Neil Atkinson, former head of oil at the International Energy Agency, said the effective closure of the Strait of Hormuz is something energy markets had never seen before. Unless something changes very soon &ldquo we are in a potentially game-changing and unprecedented energy crisis,&rdquo he told CNBC on Monday.

Production shut-ins