Iran conflict could send oil to high: Raymond James

Oil prices may surge to a record if conflict over Iran's uranium enrichment leads the oil producer to slash exports or block the Strait of Hormuz, Raymond James analysts said in a Monday research note.

The note says that the risks of a military strike against Iran's nuclear facilities are rising, which could potentially cut off the OPEC nation's 2-million-barrels-a-day of exports.

It could also lead to a blockage of 20 percent of global oil supplies which are transported through the Gulf's Strait of Hormuz, the note said.

While the threat of a disruption due to the standoff between the West and Tehran over its nuclear program has pushed up oil prices from time to time over recent years, oil markets have remained calm amid rising tensions during the past month. (more)