Strait of Hormuz
The price of oil rose to its highest level since July 2022 Sunday evening as the Trump administration suggested the war with Iran could last several more weeks.
US President Donald Trump has also urged other countries to assist in reopening the Strait of Hormuz to oil tankers.
Brent crude, the global benchmark, rose 2.9% to about $106.12 a barrel. US oil rose 2.6% to $101.53.
The US and Israel-led war in Iran has now entered its third week, causing the biggest oil disruption in history.
The Strait of Hormuz, the vital waterway controlled by Iran, has been effectively shut for oil tankers to pass through since the start of the war.
About 20 per cent of the world's oil supply flows through this chokepoint.
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