International oil prices are up 7% this week...UK central bank warns of 'oil shock'

International oil prices continue to rise as U.S. President Biden has said he is discussing attacking oil facilities in Israel and Iran.

On the morning of the 3rd, local time, the price of West Texas Intermediate for next month's delivery rose more than 4% to trade around $73 per barrel.

International oil prices have soared about 7% this week alone.

Market experts said OPEC Plus, a group of oil-producing countries, had reserves, but feared an Israeli attack on Iran could clog the Strait of Hormuz, an oil export channel.

Some predict that oil prices could soar to around $200 a barrel if Israel launches an attack on oil facilities.

Andrew Bailey, the governor of the relevant UK central bank, told the Guardian the risk of an "oil shock" following rising tensions in the Middle East.

Bailey said geopolitical concerns were very serious, referring to the 1970s "oil shock" and warning that "if things get very bad, there could be a point where controls fall apart."