The price is comparable to levels of just over $70 per barrel before the US and Israel began a bombing campaign against Iran on February 28.
The price of natural gas is also being pushed upwards and is currently trading at over 45 euros per megawatt-hour on the Amsterdam commodity exchange.
The market is characterized by uncertainty after just over eight weeks of war, and, since the beginning of April, a fragile ceasefire has been in place. No new peace talks have been announced, and the Strait of Hormuz remains blocked by both the US and Iran.
Approximately 20 percent of the world's oil and gas produced in countries around the Persian Gulf normally passes through the Strait of Hormuz.
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