The price of crude oil rose above $100 (£75) a barrel on Sunday after major energy producers in the Middle East cut production.
This was in response to the Strait of Hormuz, one of the world’s most critical chokepoints for oil and gas shipments, staying effectively closed due to the US-Israeli war with Iran.
Brent crude was 18% higher at $108.68 a barrel. The US oil, WTI, increased by almost 20% to $108 a barrel.
This is the highest jump since the Russian invasion of Ukraine in February 2022, when the price of crude soared well above $100 a barrel.
SOURCE: BBC NEWS
