Oil prices passed $100 per barrel on Sunday as the U.S.-Israeli war against Iran disrupts production and shipping in the Middle East.


This is the first time in nearly four years that oil prices reached this mark.

The price for a barrel of Brent crude, the international standard, rose to more than $107 after trading resumed on the Chicago Mercantile Exchange, a 16.5% jump from its Friday closing price of $92.69.

West Texas Intermediate, produced in the U.S., was up to about $106.22 a barrel, a 16.9% increase from when it closed on Friday at $90.90.



This comes after Brent climbed 28% and WTI rose 36% last week prior to the latest upticks.

Oil prices have jumped as the war impacts areas crucial to the production and shipping of oil and gas from the Persian Gulf.

About 15 million barrels of crude oil, which makes up about 20% of the oil around the world, are typically moved daily through the Strait of Hormuz, according to independent research firm Rystad Energy.


Concerns about Iranian missile and drone strikes have stalled tankers that would otherwise be traveling through the strait, which carry oil and gas from Middle East countries such as Saudi Arabia, Kuwait, Iraq, Qatar, Bahrain, the United Arab Emirates and Iran.