New Delhi, Feb. 27 -- Crude oil prices could surge to as high as USD 95 to USD 110 per barrel if Iran's oil supply and the Strait of Hormuz face disruption amid ongoing tensions, according to a report by Equirus Securities.

The report noted that if Iran's nearly 3.3 million barrels per day (mbpd), which accounts for about 3 per cent of global supply, is disrupted, and assuming a 3-5 per cent price response for every 1 per cent supply shock, it could imply a 9-15 per cent rise in prices.

On a base price of USD 70 per barrel, this translates into an increase of roughly USD 6-11 per barrel, lifting crude prices toward USD 76-81 per barrel purely due to direct supply loss.

However, the report highlighted that markets do not price wars in a...