The escalating conflict in the Middle East could send the commodity skyrocketing – Foreign Minister Escalating tensions in the Middle East and a potential closure of the Strait of Hormuz could drive oil prices up to $300 per barrel, Iraqi Foreign Minister Fuad Hussein warned during a phone conversation with German Foreign Minister Johann Wadephul. On Friday morning, Israeli jets bombed military and nuclear sites across Iran, kicking off an ongoing exchange of hostilities between the two