Macquarie has indicated that if hostilities involving Iran continue into June and the critical Strait of Hormuz remains closed, oil prices could reach a record high of $200 per barrel.

Analysts, including Vikas Dwivedi, noted in a report that a conflict extending into the second quarter—assigned a 40% probability—would drive real prices to historic peaks. They also stated there is a 60% likelihood the conflict could conclude by the end of this month.

As military actions by the U.S. and Israel against Iran have unsettled the oil-rich Middle East, Brent crude is on track to post a record monthly gain in March. During the conflict, Tehran has nearly completely shut down the Strait of Hormuz, severely restricting the flow of energy vital to the global economy.

Brent crude traded near $107 per barrel on Friday, after hitting a crisis-driven high of $119.50 earlier in the month. Data show the benchmark reached a nominal peak of $147.50 per barrel in 2008.