Oil prices would skyrocket if Iran moved to completely cut off the Strait of Hormuz, energy analysts told CNBC on Wednesday.

Elevated geopolitical tensions have sparked fears of a widening conflict in the Middle East, with energy market participants increasingly concerned that the fallout could soon disrupt regional crude supplies.

It has thrust the world's most important oil chokepoint back into the global spotlight.

Speaking to CNBC's "Capital Connection" on Wednesday, James Eginton, investment analyst at Tribeca Investment Partners, said a move by Iran to completely shut off crude supplies in the Strait of Hormuz would send oil prices "through the roof."

Situated between Iran and Oman, the Strait of Hormuz is a narrow but strategically important waterway that links crude producers in the Middle East with key markets across the world.

In 2018, daily oil flow in the channel — which is just 21 miles wide at its narrowest point — averaged at 21 million barrels per day. That's the equivalent of about 21% of global petroleum liquids consumption.

"If you block the Strait of Hormuz, you will send oil through $100," Eginton said.

"Over the next few days, if we start seeing the Iranians start trying to block the Strait of Hormuz then we should be set for much higher oil prices."