Oil crosses $110 for the first time since 2022 as Iran war keeps Strait of Hormuz closed, forces shut-ins

This morning, Bitget X handle tweet "USO Oil Surge Incoming" and surprising Oil hit $119 (WTI hitting an intraday high of $119.48, up over 30% in days), marking its highest level since the 2022 energy crisis, as fresh US-Israel-Iran strikes shut the Strait of Hormuz, triggered production cuts across Saudi, Iraq, UAE and Kuwait, and sparked fears of a full Gulf supply blackout. USO ETF saw record retail inflows flooding in, gasoline futures jumped 10%+ to multi-year highs, and traders are now pricing in $130–$150 targets if the escalation continues.

Do you think analyst speculation of $170 is possible?