Oil prices have surged since the joint US-Israeli attack on Iran. Before the attack on February 28, a barrel cost around $70.
As a result of the war, Iran has effectively closed the Strait of Hormuz, which is vital for oil trade, and has attacked several civilian ships passing through it.
All parties have also attacked energy infrastructure in several places in the region. There is great concern in the market that attacks of this kind will escalate further. The fears were significantly eased when Donald Trump issued Iran an ultimatum on Sunday night, local time in Sweden: Open the Strait of Hormuz, otherwise extensive attacks on energy infrastructure await.
The price of U.S. WTI crude also rose after markets opened and at one point was over $100 a barrel.
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