The price of Brent crude oil reached nearly $105 per barrel, an increase of more than 40 percent since the start of the war with Iran.
According to the Associated Press, the price of Brent rose by 1.6 percent and is now $104.73 per barrel.
Meanwhile, the price of US crude oil rose 1 percent, to $99.68 per barrel, marking an increase of almost 50 percent since the start of the war.
According to research firm Rystad Energy, in just over a week since the closure of the Strait of Hormuz, more than 12 million barrels of oil per day have been taken out of circulation.
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