A futures contract for delivery next month of North Sea oil, or Brent, rose by almost 3 percent to just over $108 per barrel. This is the highest price since April 7.
The price can be compared with an oil price of just over $70 per barrel before the US and Israel began bombing Iran on February 28.
The war with Iran has, among other things, strangled oil and gas flows through the Strait of Hormuz in the Persian Gulf, which, according to the International Energy Agency (IEA), means that 13 percent of the world's oil and gas supply is no longer reaching the market.
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