Institution: The surge in oil prices this time may be more severe.

Norbert Rucker of Credit Suisse in Switzerland stated in a research report that oil prices are likely to rise in the short term. The economist and head of new generation research stated that the impact of Middle East conflicts on the global economy depends on the flow of oil and natural gas through the Strait of Hormuz. Rucker said, "In the coming weeks, our base scenario is for a usual short-term but more intense surge in oil and gas prices." Credit Suisse maintains a neutral view on oil but has raised its three-month target price to $60 per barrel. Near-month West Texas Intermediate crude futures rose 5.5% to $70.74 per barrel, while near-month Brent crude futures rose 5.9% to $77.13 per barrel.